Sumbitted by Natalie Ransom, REALTOR®, Atlanta Fine Homes Sotheby’s International Realty. Article taken from the Atlanta Business Chronicle. Please click here to see it in its entirety.
Median home prices in the metro Atlanta area fell 14.5 percent in the third quarter, according to data published Tuesday by the National Association of Realtors.
The NAR report said the median price of a single-family home in the metro area was $129,400 in the third quarter, compared with $151,300 in the third quarter of 2008. The price was $121,400 in the second quarter.
The median price in the area was $149,500 for 2008, $172,000 for 2007 and $171,000 for 2006.
The median price is where half sold for more and half sold for less.
During the third quarter, 123 out of 153 metropolitan statistical areas reported lower median existing single-family home prices in comparison with the third quarter of 2008, while 30 areas had price gains.
The national median existing single-family price was $177,900, which is 11.2 percent below the third quarter of 2008. Distressed sales — foreclosures and short sales — accounted for 30 percent of transactions in the third quarter, which continued to weigh down median home prices because they sell at a discount relative to traditional homes.