Spartanburg, South Carolina - Area's Median Home Prices Drop?

The Herald-Journal reported (May 13^th) that the median home prices dropped for the first quarter of 2009. These statistics were indeed accurate, but do they indicate a trend? The answer may lie in the monthly numbers rather than the quarterly numbers.

Last May we reached our high median price for the year at $130,000. The economic landscape began to change in the fall and by the first of 2009 the bottom fell out. As a result, the January median price was $109,000 and February $95,000, resulting in the low first quarter numbers. Bouncing back, the median prices for March and April were both $114,000 and a look at May closings and pendings indicates that the median price will again rise to the mid $120's.

Have we hit bottom? A lot will depend on the quantity of foreclosures and how many new home buyers enter the market. The upward trend is very welcomed news but it will likely be the end of the year before we have enough data to know for sure that there is a sustainable upward trend in residential home sales.