Housing prices continue downward spiral
Orlando Business Journal
Single-family home prices fell at a faster pace in the third quarter after moderating earlier in the year and are now 6.5 percent below their 2007 peak, according to a new report by IHS Global Insight.
Nationwide, the housing market is now slightly undervalued. But, Florida, California and Nevada have been particularly hard hit. Twenty-nine metropolitan areas in those three states have now seen price declines of more than 30 percent, and all metro areas continued to depreciate through the third quarter, according to the analysis.
In Orlando, the October median home price was $177,900, 25 percent less than the $238,500 reported in October 2007. The median home price in the Daytona Beach area fell nearly 15 percent, from $184,600 in October 2007 to $157,400 in October of this year.
"Weak economic conditions and wary consumers continue to hold the housing market back,” said Jeannine Cataldi, senior economist and manager of IHS Global Insight's Regional Real Estate Service. “Although many areas are seeing home sales increase, it is largely due to foreclosure homes being snapped up at significantly discounted prices. As the inventory of these homes is removed from the market, prices will remain on a downward path.”
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