• The median national home price peaked at $221,900 in 2006, but fell 25.2% over the five subsequent years to $166,100 in 2011. Not every market experienced this same trend.
  • Rather, the decline was overwhelmingly born by the sand states (Arizona and Nevada) as well as the high priced markets on the coasts, particularly California.
  • Many markets in the Midwest were able to avoid the harsh boom and bust cycle and have accumulated a modest gain in home prices over this period.
  • Markets in New York and Texas performed particularly well, accounting for half of the top twenty performing markets in the panel of 165 markets monitored by NAR Research. Relatively stable economic growth in both of those areas combined with the minimal exposure to the sub-prime crisis and relatively low construction during the national boom, set these markets up for more stable conditions during the national slump.
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