Whenever talking about real estate, if we have learned anything, it is to invoke the TINSTAANREM clause—There Is No Such Thing As A National Real Estate Market. That said, good news is that inventory for sale is down 20 percent year-over-year and declined 3.27 percent from August to September 2011.
All real estate is local in nature. Likewise, those markets that had among the greatest price rises in the bubble, respectively, had the largest price declines. Realtor.com monthly compiles a list of the metropolitan markets with the largest changes (both up and down) in listing price. If listing prices are any indication, some markets are turning significantly in recent months.
The following list details the ten metropolitan markets with the largest listing price increases and declines in for the 12 months ending September 2011.
While the listing price median could be skewed by a change in inventory of lower or higher-priced housing, these large swings also include some change in value implications.
Click here to view Realtor.com’s monthly data summary of 146 metropolitan markets.