Number of existing homes that changed hands in 2009 – 4.6 million – up 5 percent from 2008…Median sales price down to $173,200, compared with $196,600 in 2008.
Feb 1, 2010
The number of re-sale home transactions in the United States for 2009 – 4.6 million – was up 5 percent from the previous year. This is the first annual increase since 2005.
Prices, however, were cut sharply. The median sales price was $173,200, compared with $196,600 in 2008. Adjusting for inflation, the price was the lowest since 1997!
To the chagrin of American home owners, median existing home values in the United States have not risen since 2005. In those four years the inflation-adjusted price has fallen a whopping 28 percent.
New home sales are a sad story too. In 2009, just 373,000 new single-family homes were sold, the lowest total since the government began keeping count in 1963. Inflation adjusted prices of new homes, however, have come down only 18 percent since 2005, compared with the 28 percent drop for existing home prices.