Prices for new and re-sale single-family homes are falling faster around the country. The drop in prices comes on the heels of the credit crunch, which started in late 2007 in many markets.

According to data from the Office of Federal Housing Enterprise Oversight, prices of new and re-sale homes seen during the first quarter fell by 1.7 percent nationwide from the previous quarter. The drop in prices was even higher when compared to the first quarter 2007. Prices nationwide fell by 3.1 percent from the first quarter 2007.

Prices fell in 43 states. California and Nevada led the country in the decline in prices, down more than 8 percent during the first quarter.

The North Shore Chicago Real Estate market also saw a sharp decline in prices for new and re-sale homes in April. According to MLS data for cities around the region, prices in April fell be 5.5 percent from the same period last year, with sales off nearly 14 percent during the month. However, demand is up for homes priced at more than $1 million, with 7 homes in that price range sold during April. Just one home was sold for more than $1 million in April 2007.

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This entry was posted on Thursday, May 22nd, 2008 at 11:53 pm and is filed under Evanston Real Estate(t) . You can leave a response.