May 13 2008
Single-Family Home Prices Dropped 7.7 Percent From Q1 Of 2007
One out of three the metropolitan areas in the United States showed rising home prices in the first quarter, with only a small number of jumbo loan originations and higher foreclosures resulting in greatly mixed conditions around the country, according to the latest quarterly survey by the National Association of REALTORS®.
In the first quarter, 48 out of 149 metropolitan statistical areas showed higher median existing single-family home prices from a year earlier, 100 had price declines and one was unchanged. NAR’s track of metro area home prices dates back to 1979.
Feb 1 2008
America’s 12 Most Overpriced Areas
| City/State | Median Home Price: | Median household income: | Gross income to buy house: |
| Santa Monica, Calif. | $1.05 million | $61,423 | 17.1 years |
| Berkeley, Calif. | $752,500 | $51,256 | 14.7 years |
| Hawthorne, Calif. | $585,700 | $40,045 | 14.6 years |
| Passaic, N.J. | $385,300 | $28,918 | 13.3 years |
| Cambridge, Mass. | $587,300 | $51,625 | 11.4 years |
| Paterson, N.J. | $351,500 | $31,723 | 11.1 years |
| West Palm Beach, Fla. | $318,300 | $45,250 | 7 years |
| Alexandria, Va. | $539,200 | $80,449 | 6.7 years |
| Pompano Beach, Fla. | $279,500 | $42,409 | 6.6 years |
| Skokie, Ill. | $396,300 | $64,697 | 6.1 years |