How Home Prices Fared in 20 Markets in 2007

Denver

Homes prices fell 4.5% in the Denver metro area. The median price per square foot for homes in the Mile High City is about $132 or $218,330 for a typical median home. How homes sell in Denver depends on the neighborhood, says Kit Eschner, and Perry & Co. "Some neighborhoods are appreciating and some have depreciated more than average."

Detroit

Loss of jobs and a significant number of homes in foreclosure led to Detroit's 13.6% decline in home prices.

Las Vegas

Las Vegas and Phoenix are tied for second as the weakest markets with a 15.3% each in home price declines. Nevada continues to have the highest foreclosure rate in the nation, according to RealtyTrac.

Los Angeles

Home prices fell 13.7% in Los Angeles. The median price of entry-level homes in Los Angeles County is $433,200, with a typical monthly payment of $2,890, according to the California Association of Realtors. One would need a household income of about $86,700 to purchase here, even despite the drop in home values.

Miami

Miami remains the weakest market, reporting a double-digit annual decline of 17.5%. "Miami-Dade is currently going through the worst condominium bust cycle that Florida has seen since 1975," says economist Hank Fishkind of Fishkind & Associates.

Minneapolis

The median sales price here dropped 4.9% to $217,200 from $228,300 and homes sit on the market for an average 165 days, up about 18 days from last January. The number of signed purchase agreements (pending sales) declined from last year by 17.8% for the same time period comparison, even though the total number of homes for sale is up 12%, according to the Minneapolis Area Association of Realtors.

New York

Although home prices fell only 1.3% from November to December, overall prices in New York fell 5.6% year to year. The average sales price in Manhattan is $1.9 million. A 1,200 square foot, 2-bedroom unit in the historic Silk Building is listed at $1,699,000.

Phoenix

Las Vegas and Phoenix are tied for second as the weakest markets with a 15.3% each in home price declines. "The entry level market is opening up, with prices where they were five and six years ago," says RE/MAX agent Nate Martinez.

Portland

Portland is only one of three MSAs still experiencing positive annual growth rates. Portland has been holding strong with median home prices increasing month after month. Fourth quarter 2007 saw a 1.8% increase to $290,500 from $285,400 a year prior. "We have a positive economic atmosphere in our area. The current median sold price is up, due to a greater ratio of sales on the higher end," says Jim Homolka, President of RE/MAX Equity Group, Inc.

San Diego

Home prices fell 15% in San Diego between December 2006 and December 2007. Only 31% of San Diego households can afford to buy a home here.

San Francisco

In December, San Francisco slipped into negative double-digit territory with an annual return of -10.8%. Only 20% of San Francisco residents can afford to buy a home here, according to the California Association of Realtors. In neighboring Oakland, real estate agent Tara-Nicholle Nelson says a fair number of homes are priced under $300,000. "We're still seeing a good number of sales as bargain hunters find many more options than they ever had at that price point before [but] the $700,000 to $1 million market sector is hurting."