Real Estate Minute: Median Prices are Falling, But That Doesn’t Mean Houses Aren’t Selling

Added October 4, 2006 by Ilyce R. Glink

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Summary: Real Estate Minute with Ilyce Glink Median Prices are Falling, But That Doesn’t Mean Houses Aren’t Selling Original Air Date: October 4, 2006

Transcript: The numbers are in and they aren’t pretty – median home prices were down in most regions of the country, with the median price in the Northeast going to $271,000 from $282,000 and the South to $184,000 from $189,000.

The median home price is the exact middle – the same number of homes priced above the median sold as below the median. When more lower priced homes are being sold, the median shifts downward in order to find the exact middle.

But just because the median price in my neighborhood fell nearly 18 percent doesn’t mean lots of houses aren’t selling.

It also doesn’t mean is that homes in the south sold for $5,000 less than they were last year. And it doesn’t mean homeowners aren’t making money.

It’s just that the balance has shifted once again, and more lower priced homes are selling than higher priced ones.

And that makes sellers pretty darned nervous.

With practical, informative consumer advice, I'm Ilyce Glink, News-Talk 750 WSB

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