South Dakota was the lone state with an increase in sales of resale homes in the fourth quarter of 2007 compared to the same quarter in 2006, the National Association of Realtors reported today. South Dakota had 19,600 sales of single-family homes, apartment condos and co-ops in the fourth quarter, compared to 18,000 in fourth-quarter 2006 -- an 8.9 percent rise (see Inman News).
And South Dakota was one of three states that experienced a sales gain for the full year in 2007 compared to 2006. Total sales of previously owned homes in South Dakota rose from 18,300 in 2006 to 18,500 in 2007, a gain of 1.1 percent. Sales rose 2.1 percent in New Hampshire in 2007 and 0.6 percent in Indiana, NAR also reported. Among metro areas, single-family resale home prices rose 4.7 percent in Sioux Falls, S.D., in 2007 compared to 2006, and were up 6.5 percent in fourth-quarter 2007 compared to the same quarter in the previous year.
Nevada had the largest year-over-year drop in sales in 2007, at 35.5 percent. Florida followed with a sales drop of 27.6 percent; sales were down 26.2 percent in Arizona; 23.7 percent in Maryland; 23.5 percent in New Mexico; 22.8 percent in California; 19 percent in Utah; 17.8 percent in Louisiana; 17.1 percent in Illinois; and 16.9 percent in Maine.
Binghamton, N.Y., and Yakima, Wash., tied for the largest gain in resale home prices for the full year in 2007 compared to 2006, at 14.7 percent. The Cumberland, Md.-W.V., area was next with a 14.3 percent gain; Salt Lake City had a 14.3 percent gain; Bismarck, N.D., was up 13.3 percent; and Farmington, N.M. had a 10.9 percent gain.
The Palm Bay-Melbourne-Titusville, Fla., metro area bottomed out with a 13.4 percent year-over-price drop in 2007. The Davenport-Moline-Rock Island, Iowa-Ill., metro area had a 9.2 percent drop; Sacramento, Calif., was down 8.5 percent; Lansing, Mich., down 7.9 percent; and Detroit was down 7.5 percent.