Categorized | Residential

Average Property Prices Decline in the United States

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For the first time in months, the average residential real estate prices declined by half a percentage point when compared to the previous month. Prices also declined by nearly one percentage point from prices realized last year at this time.

The decline in pricing does not come as a surprise to most real estate analysts. Many expected a decrease in pricing due to a number of factors including the time of year, increasing shadow inventory, and serious worries about another recession taking form. Analysts believe that prices will drop even further in the coming months, as the threat of another recession looks to be a very real possibility.

Despite the bad news of the decline, there were some states that experienced such decent price gains. Homes in West Virginia had an average price gain of almost nine percent. Wyoming, North Dakota, and New York all experienced gains of more than three percent when compared to the previous month.

The states that experienced the biggest declines include Nevada, Arizona, Illinois, and Georgia. Each of those states has struggled significantly since the real estate crash first hit.

As the number of foreclosures once again begin to rise across the country, it is likely that prices will continue to drop in most areas. Some experts believe that the United States housing market may be headed for a triple-dip with respect to pricing. There is no indication as to when average home prices will once again experience significant gains throughout the country. While some cities, such as Miami, continue to experience excellent results, the overall performance of the real estate market around the country has been weak at best.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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