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Home Sales Rise As Prices Continue To Plummet

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Nov 10, 2009 1:52 pm US/Eastern

Home Sales Rise As Prices Continue To Plummet

WASHINGTON (CBS4) ― Home prices continued to fall in eight out of every 10 cities in the U.S. during the third quarter of 2009. But, home sales continued to climb thanks to the precipitous drop in home prices. Home sales actually outpaced the second quarter and the 2008 third quarter numbers, according to the National Association of Realtors.

The national median price for a home stands at $177,900 or roughly 11 percent below the third quarter price last year. Prices in Fort Myers, Florida, one of the nation's hardest hit areas during the housing bubble implosion, saw median prices fall 40 percent to $98,000 from one year ago. Las Vegas, another area hit hard by housing bubble collapse saw median home prices drop 35 percent to $138,500 over the last year.

Experts say the federal tax credit of up to $8,000 for first-time homebuyers helped spur sales in the third quarter. Total quarterly sales hit a seasonally adjusted rate of 5.3 million, up more than 11 percent from the second fiscal quarter of 2009.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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