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Median Home Prices Dropped Over The Summer Time

Posted Tuesday, January 10, 2012

According to reports, the average house costs have plummeted down over the summer in most cities and towns in the US. This alarming real estate news came from several analysts in Washington just last year, particularly its late months. Home prices were reported to have dropped down in almost three-quarters of US cities and communities within the summer. The event was pulled down by refusals in consumer interest and a significant amount of foreclosures.

The average costs for past occupied houses dropped within the months of July to September as compared to the same three months in the preceding year throughout 111 out of 150 cities that were carefully observed by the analysts. The US median house costs were $169,500 in the third quarter which is down by up to 4.7% from the same time frame in 2010. Several experts and analysts state that they presume prices to plummet down further due to the relative increase in unemployment rates within the US that has remained alarmingly high. Millions of foreclosures are also expected to hit the US over the next several years. Sales of past owned properties also dropped to a sporadically modified yearly rate of 4.9m within the third quarter, closely ahead of 2010's pace for the period. Sales were reduced than the usual for the summer season in the past year due to federal tax credits encouraging consumers to buy in the spring.

Recorded to be the lowest sales rates in over 13 years, sales are on a pace to end the year behind 2010 regardless of the median rate on the 30-year fixed mortgage rates that is revolving closely at a low 4%. 14 cities have been reported to experience double-digit percent in price drops. One example is Mobile, Alabama's average price, which dropped down 17.7%, being the largest of all dropped rates. Other cities to be affected with this problem are Phoenix, Allentown, PA, Atlanta and Miami.

On the other hand, eight cities were reported to increase in price percentage in double digit amounts. The highest was in the Grand Rapids, Michigan which increased by up to 23.7%. Other cities to be seen with noticeable price increases are Indiana, Ohio and Florida. If you are located within these areas, it may be best to answer your question of "should I sell my house?" with a yes.

Before you consider your question "should I sell my house?" using this piece of information should be able to yield significant results. Depending on where you live or where the property is located, you'll be able to maximize the value of your home for sale purposes.