Median Home Price Fell Nearly 12% in 2009

Washington, DC, Feb. 11, 2010--The median price of U.S. single-family homes fell 11.9% last year to $173,200, according to the National Association of Realtors.

The housing situation had been looking up earlier in the year, with prices gaining ground in the first nine months. But between October and December prices fell 2.9% compared to the previous three months, according to the National Association of Realtors.

Compared to the fourth quarter of 2008, median home prices fell 4.1%.

"This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices," said Lawrence Yun, NAR's chief economist.

"Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable," Yun said.