Real estate prices continued to post exorbitant year-over-year declines during the three months ended June 30, 2008 according to a new report from the National Association of Realtors (NAR)

Nationwide, the median existing single family home price plummet 7.6% to $206,500 in the second quarter, down from $223,500 in the same period of 2007. The median price represents the point at which half of all homes sold for more and half sold for less.

A record number of foreclosures helped drive down prices, according to NAR. In fact, foreclosures and short sales accounted for about 33% of all existing homes sales.

Banks price homes to sell when demand for homes drops, typical Idaho sellers will take their homes off the market, let them sit or reduce their prices in small increments. But banks will slash prices to where the homes will sell quickly. Poor economic conditions are also hurting the housing market as a whole.

During the boom, many housing markets thrived despite tough economies. We’re now we’re getting into a time when the actual economy is starting to affect housing markets even more.

Despite the media Boise Idaho real estate still proves to be a great investment compared to Say Sacramento California where home prices plunged 35.6%, Los Angeles 29.6% and Phoenix was down 22.5% for the quarter.

The average median price for Boise City – Nampa Idaho is now $191,000 making it a marvelous time to get into the home of your dreams. With the FHA down payment assistance program still in effect until Oct.1^st you can purchase a bargain for little to no money out of your pocket.

Written by Lisa Kratz Apex Mortgage | Meridian, Idaho
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