Today eppraisal.com released its National Real Estate Market Analysis report for 179 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in September 2008 through November 2008 with homes sold in December 2008 through February 2009.

In the March report, 89 percent of the markets tracked by eppraisal.com saw a decline in home values; however, the number of markets that saw increases in home values doubled. The number of markets that saw increases in home values went from 17 markets to 34, which is a dramatic shift from the trend of the previous market reports. The number of areas that saw declines in home values have decreased to 143 or 80 percent of the markets (down from 89 percent in the previous report).

The smaller markets continue to lead with increasing home values, with Muskegon, Mich., and Norwich-New London, Conn., leading the list. Other small markets that saw increases were Gainesville, Ga., and Danville, Ill., which saw increases of 14.5 percent and 11.1 percent respectively.

A few major markets did see small increases in the median home value over the time period tracked. For example, Salt Lake City, UT, saw a 4 percent increase to a median home value of $239,242, and Jacksonville, Fla., increased by 1.2 percent to a median home value of $169,000.

The majority of the areas tracked by eppraisal.com saw a decrease in the median home value, with California and Florida continuing to lead list. In Florida, Cape Coral-Fort Myers saw a 13.8 percent decline to $99,957. Other areas in Florida with declines are Punta Gorda, Ft. Lauderdale, and Daytona Beach, which saw declines of 11.6 percent, 11.64 percent and 10.5 percent respectively. In the California markets, Fresno leads with a 18.9 percent decline to a median home value of $150,000. Other areas in California that saw declines are San Francisco-San Mateo, which dropped 13.2 percent to $590,000, Oakland-Fremont-Hayward down 13.5 percent to $276,000, and Los Angeles-Long Beach area, which dropped 10.3 percent to $305,000.

The eppraisal.com National Real Estate Market report is attached. It shows the median sales price of existing single-family home sales in the three months ending February of 2009 along with the percent change from the prior three months.

See a complete list of real estate market rankings.

This entry was posted on Wednesday, April 8th, 2009 at 9:56 am and is filed under Random Thoughts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.