Real Estate Home Appreciation - Last 12 Months
Last Updated: 9/3/2008
Nationally, the median average sales price fell compared to last year, down by -7.09%, with the new median average sales price of a home at $212,400. The Midwest showed an actual increase in value again, by 1.04%, followed by declines in all other regions: South by -3.5%, Northeast by -4.91%, and the West by a whopping -22.21%. The Northeast actually passed the West in median sales price.
We compare values to the same period a year ago. We do not use month-to-month comparisons because there are sometimes huge fluctuations in the size of houses that sell in different seasons. Larger houses sell during the summer when it is more convenient for families to move because school is out. The median average is the "midpoint" sales price. Half the homes sold above that price and half below.
The chart at the top left summarizes the regional graphs below. When looking at the lower graphs, you may notice large dips during the winter months and peaks during the summer months. That is due to seasonal fluctuations. The correct way to look at annual price growth is to compare the beginning point of the graph to the end.
Data Source: National Association of Realtors
