BR median home price drops 6%
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The second-quarter median home price in Baton Rouge fell more than 6 percent from the year-ago period, according to the National Association of Realtors.
The group reported Thursday that the median price for the Baton Rouge metropolitan market was $164,000, compared to $174,700 in the second quarter of 2007 and $169,200 in the first quarter of 2008.
The median home price is the point where half the homes sold for more and half for less. It is considered a better measure of markets than an average price.
NAR’s second-quarter report showed Baton Rouge was among 115 of the its 150 metropolitan statistical areas that posted losses “with greatly mixed conditions continuing around the country.”
In the report’s South region, the median price fell 4 percent from one year ago to $177,000. The U.S. median price fell nearly 8 percent to $206,5000.
In prepared comments, NAR President Richard Gaylord, a broker in Long Beach, Calif., cautioned that foreclosures have distorted U.S. pricing data.
“In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said.
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