Monthly condominium sales and median prices declined by double-digit percentages compared to a year ago. Condo sales plummeted 22 percent to 1,567 from 2,010 in May 2008. May was the seventh consecutive month that monthly condominium sales were down by more than 20 percent year-over-year. A total of 5,545 condos traded in the first five months of the year, down 26.6 percent from 7,553 last year.

The median condo price slipped 10.4 percent to $257,000 in May from $287,000 during the same month last year. It was the smallest year-over-year drop in monthly median home prices in the last seven months. Year-to-date, the median condo price has fallen 13.3 percent to $235,000 from $271,000.

It should be noted that this is based on condo sales for the entire state.

Source: Banker & Tradesman

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