National Association of Realtors Q4 2011 Median Sales Summary
On February 9, 2012, the National Association of Realtors (NAR) released their median sales price indices of homes for metropolitan areas. The NAR saw declines from Q3 2011 to Q4 2011 in 131 of 149 major metropolitan areas measured. Below are some statistics from the data:
- Average Change Q3 2011 to Q4 2011: -4.6%.
- Average Change Q4 2010 to Q4 2011: -4.3%
- Winners Q3 2011 to Q4 2011: Yakima, WA (+18.4%), Cape Coral-Fort Myers, FL (+8.5%)
- Losers Q3 2011 to Q4 2011: According to the NAR, 18 major metros dropped more than 10%. The top five were Detroit-Warren-Livonia, MI (-23.6%), Bridgeport-Stamford-Norwalk, CT (-20.6%), Trenton-Ewing, NJ (-16.7%), Newark-Union, NJ-PA (-16.1%) and South Bend-Mishawaka, IN (-15.5%)
- Winners Q4 2010 to Q4 2011: Cape Coral-Fort Myers, FL (+25.6%), Abilene, TX (+16.0%), Yakima, WA (+11.4%), Kankakee-Bradley, IL (+10.0%) and Grand Rapids, MI (+9.8%)
- Losers Q4 2010 to Q4 2011: According to the NAR, 29 major metros dropped more than 10% on the year. The top five were Boise City-Nampa, ID (-20.2%), Binghamton, NY (-19.4%), Allentown-Bethlehem-Easton, PA-NJ (-17.8%), Atlanta-Sandy Springs-Marietta, GA (-17.0%) and Springfield, MO (-15.6%)
To avoid setting myself up for failure I’m going to shy away from making a comment like “Keep your head up, because it can’t possibly get any worse.” What I will say is that the unemployment rate is making some sharp moves in the right direction and consumer confidence appears to be improving, at least in the short term. It would make sense that there would be a lag between these improving trends and consumers decisions to buy a house.
Don’t set yourself up for failure either. Continue to monitor the trends in markets where you have heavy real estate concentrations and consider the need to make changes to your lending policies based on what’s happening in your market.
-Dan Price, CPA
Twenty Twenty Blogger
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