Today's Real Estate Report

Home prices are falling all over the country. According to the NAR, prices continued to fall during the 3rd quarter of this year, accompanied by declining sales. The biggest declines in home sales are in those areas where the most significant speculative investment took place, including Florida, Arizona, and Nevada. Hardest hit is the Melbourne and Palm Bay area, where the steepest decline in prices was recorded. Median home prices fell in this part of Florida 12.4%. Sacramento California comes in 2nd, with median home prices plunging 10.4%. In stark contrast is the Northeastern part of the United states, where the median home price rose 3.2% during the quarter ending September 30.