Home Prices Tumble; Resales RiseJanuary 26, 2009
Submitted by Eve Whitaker, Realtor®.
Home buyers took advantage of discounted prices in distressed housing markets in December, leading existing-home sales to rise.
The median home price was $175,400 in December, down 15.3% from $207,000 in December 2007, the National Association of Realtors said Monday. The median price in November this year was $180,300.
Home resales rose to a 4.74 million annual rate, a 6.5% increase from November’s revised 4.45 million annual pace. Of all sales in December, about 45% were distress sales at discounted prices.
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