Categorized | Residential

United States Residential Prices Declining at a Slower Rate

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According to the most recent reports, the overall decline in residential real estate prices continues to slow down. Prices are currently down three percent when compared to last year, and just one percent when compared to last month. If the trend continues, the residential real estate market in the United States could soon stabilize.

 

The current pricing of residential real estate properties is roughly at the same point that it was ten years ago. Prices may drop further in the coming months, however, as more foreclosures are set to hit the market.

 

The states with the strongest growth in residential real estate prices include South Dakota, North Dakota, West Virginia, Montana, and Michigan. South Dakota has actually experienced a price increase of nearly six percent.

 

The states with the biggest decline in residential real estate pricing are Illinois, Nevada, Delaware, Alabama, and Georgia. Both Illinois and Nevada have experienced declines of over eight percent.

 

Since the residential real estate crash, the states that have struggled the most are Nevada, Arizona, Florida, California, and Michigan. Nevada has seen prices fall by more than sixty percent since the market crash.

 

Because more foreclosures are expected to hit the market in the coming months, it is not likely that the market will level off until the start of 2013. The reduction in the overall decline thus far, however, is very positive news for the market as a whole. The slowed decline indicates that the market is getting healthier, and may be well on its way to a true recovery.

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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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