U.S. Home Prices Tumbled in 2011

Based on the data supplied by MRIS and Coastal Association of Realtors, home sales prices continue to fall statewide in Maryland.

Median home sale price fell by 6.7 percent between December 2010 and December 2011 in Maryland. The median home sale price statewide in December 2010 was $239,007; while the median home sale price in December 2011 was $222,934.

Decrease in home prices is also evident in other states as can be gleaned in the report released last week by Standard & Poor’s Case-Shiller Home Price Indices.

“Nationally, home prices are lower than a year ago. The 10-City Composite was down 3.6% and the 20-City was down 3.7% compared to November 2010. The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand,” Standard & Poor’s Case-Shiller said in a press statement.

“Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall. Weakness was seen as 19 of 20 cities saw average home prices decline in November over October,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices.

The National Association of Realtors (NAR), meanwhile, reported that the national median existing-home price for all housing types was $164,500 in December 2011. This December 2011 median existing-home price is 2.5 percent below the December 2010 median existing-home price.

“Distressed homes – foreclosures and short sales – accounted for 32 percent of sales in December (19 percent were foreclosures and 13 percent were short sales), up from 29 percent in November; they were 36 percent in December 2010,” NAR said in a press statement.

Whether you are a first time buyer, first time seller, empty nester, thinking about selling or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Real Estate Group is the number one real estate team.