Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Reductions in asking prices and median home prices up

Median home prices remained relatively the same in the most recent reports, despite home price reduction levels continuing to increase. Industry insiders are looking for signs of stabilization and finding good news and bad news on the same day, but all signs pointing to the housing crisis continuing.

Perhaps the Obama administration’s goal to help struggling homeowners will help, but while 2010 looks better than 2009, signs point to a continued struggle.

According to the National Association of Realtors, the median price of single family homes rose 1.5% in the second quarter to $176,900. NAR’s Chief Economist, Lawrence Yun noted that the gains were expected, “All year we’ve been seeing relatively flat national home prices, which appear to be supported by market fundamentals,” he said. “We don’t expect any consequential movement in home prices for the foreseeable future.”

According to Trulia.com, 25% of home listings on the market as of August 1st have had at least one price reduction for the fourth month in a row of increased price reductions. The average discount remained at 10% off of the original listing price.

“With one out of every four homes experiencing at least one price reduction, sellers are feeling no relief this summer, in a market climate of fewer qualified buyers and widespread uncertainty about the job market. If buyers are unqualified to buy, it doesn’t matter how low interest rates are or how discounted a home is,” says Pete Flint, co-founder and CEO of Trulia.

Advertisement. Scroll to continue reading.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

11 Comments

11 Comments

  1. Anthony Rueda

    August 13, 2010 at 4:41 pm

    I know in my area prices dropped almost 5% from the previous month, and only up 2.8% from last year. I think until unemployment significantly drops, we won’t see any sustained real estate appreciation.

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.