Real Estate Prices – Light at the End of the Tunnel
Real Estate Housing Market 2010
The median price of an existing home nationwide fell by 30% from its peak in mid 2006 and the median price are at the same level as in 2003.
However, between the first and second quarters of 2009, the nationwide median home price rose slightly, by 1.4%, according to Fiserv. Given that prices tend to stabilize about a year after sales begin to recover, Fiserv expects prices to bottom out in mid 2010. It forecasts that the median home price will have fallen by 7.5% in 2009 and will drop another 9.2% in 2010, to a level not seen since 2001.
Fiserv does not foresee a year-over-year gain in the median home price nationwide until mid 2011, and then it expects a bump of just 3.6%. In markets such as metro Seattle and the state of Texas, which mostly avoided the speculative bubble and have relatively strong job growth, the expectation is that one or two years of above-average price appreciation, followed by a return to the historical average-an annual increase equal to a little less than the rate of inflation, plus one percentage point.
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