Home Values in Q3

Highlights

  • As home values decrease, so do your chances of getting the best rates on a mortgage.
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NAR Reports Home Values Take a Hit in Third Quarter

The National Association of Realtors (NAR) released the numbers for housing prices around the country in the third quarter of 2010. What is surprising, considering the sizable increase in home values last quarter, is how much steam we lost. After a quarter that topped last year’s numbers by 1.5%, a 0.2% drop in home values was shown in Q3.

Here are the Numbers:

  • West: With the average home price dropping less than $1,000 (0.4%), we can see that this region experienced only a mild impact on the drop in home values overall.
  • South: Here, prices fell almost 2% or $3,000 on the average home.
  • Midwest: The largest drop in home values (3%) was seen in this region.
  • Northeast: This region was the only one to report an increase in home values 2.5% or over $6,000 on the average home.

The result is a total decrease in the value of the average home in America of about $300 (from $178,200 to $177,900).

What’s Your Home’s Value?

After years of decreasing home values in most areas, the report for the second quarter came as a breath of fresh air for many homeowners looking to refinance. Now with numbers for the third quarter, the door to make that refinance dream a reality may be closing sooner than you think. As your home value depreciates, so does your chances of getting the best mortgage rates or even a new mortgage at all. Do you know where your home value stands today?

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