May 12, 2009

Dallas Business Journal Report: Foreclosure auctions spur price declines


US metropolitan areas are reporting lower median existing home prices, due to a high level of foreclosures and short sales, according to a new report from the National Association of Realtors.  According to the report, released Tuesday, the median sale price in Dallas dropped 4.7 percent to $135,700 in the first quarter of 2009, down from $138,000 during the same period last year. 

Screenshot Dallas Business Journal The NAR’s report says only 18 major metropolitan areas reported price increases. The remaining 134 of the 152 surveyed reported price decreases.  The national median existing single-family home price at the end of the first quarter was $169,000.  Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, says homeowners should not be too worried about the impact of foreclosures and short sales.

“Traditional homes in good condition have held their value much better, so owners shouldn’t be overly concerned about median prices,” McMillan said in a statement. “Most sellers can expect a good return if they’ve been in their home for a normal period of homeownership and haven’t excessively tapped their equity.”

During the first quarter, NAR says nationally foreclosures and short sales accounted for half of the completed transactions.

Related News: National, local home sales prices tumble          Foreclosure auctions spur price declines.  Dallas Business Journal