The median home price gives us a good estimate of where a market is.
Without any housing bubble to burst, the area's median home price even inched up last year.
Though the pace of deals rose, the median home price dropped by 15.3%, a record year-over-year drop.
According to the National Association of Realtors, a starter home is defined as 85% of the median home price.
The median home price across all 500 ZIPs in our index fell 5% from last year, and experts worry about a wave of new foreclosures hitting the market.
The median new home price fell 8.9 percent from the same month in 2010, hitting the lowest level since 2003.
In 1990, the median price of a home was about 3.25 times median annual income.
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To return to the 1990 multiple, the median price of a home would have had to drop another 7.2% below 2010 levels.
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The housing affordability index gauges the amount of a local, median-priced home (the price at which 50% of homes are more expensive and 50% are less expensive) you can buy if you earn the local median income, given current interest rates.
According to the National Association of Realtors, the median price for an existing home was 0.3% lower in March than a year earlier.
According to the National Association of Realtors, the median price of an existing home in the Midwest decreased 1.2% from April 2005 to April 2006.
The median price for an existing home increased 13% statewide from April 2005 to April 2006, and shot up 96% from five years ago, according to the Florida Association of Realtors.
Due to a three-month drop in the median price of a single-family home as well as a continued decline of long-term interest rates (i.e. mortgage rates), the affordability of a single-family home has spiked back up to a level only briefly seen at the tail end of the financial crisis.
The rankings were based on a number of metrics including unemployment rate, debt per capita, home price change between 2006 and 2009 and median household income.
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