Providing The Latest and Most Up-to-Date Real Estate News for Hoboken and downtown Jersey City
My name is Kevin Dowd and welcome to my real estate blog. This blog is meant to educate local buyers and sellers in Hoboken, downtown Jersey City and the surrounding areas by providing up-to-date real estate sales statistics. Area-specific commentary is also provided that will provide you with a fresh perspective on the local real estate market.
Tuesday, November 10, 2009
Home Sales Increase...Average Transaction Price Continues to Decrease
A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals.
But home sales continued their climb, with quarterly sales outpacing the second quarter and the previous year's figures, the National Association of Realtors said Tuesday.
The median sales prices of existing homes declined in 123 out of 153 metropolitan areas compared with the same period a year ago. Prices rose in the other 30 cities.
The national median price clocked in at $177,900, or 11 percent below the third quarter last year.
Prices in Fort Myers, Fla., plunging 40 percent to $98,000 from a year ago, the worst in the nation. Las Vegas saw its median price tumble almost 35 percent to $138,500 year-over-year.
The largest price gain, by contrast, was in Cumberland, Md., where prices jumped 19 percent to $122,100. Davenport, Iowa, followed with an increase of 14 percent to $115,600.
In future posts, I'll compare sales to several popular Hoboken and downtown Jersey City condos to last year's levels.
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