The median price of an existing single-family home in
The median price of an existing home in
Nationwide, home prices fell in nearly nine out of every 10
The National Association of Realtors said today that median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared with the same period a year ago. Prices rose in the other 18 cities. Nationwide, sales of foreclosures and other distressed properties made up about half of the market.
Overall, existing-home sales in the
Home sales fell in all but six states —
Still, the median sales price nationwide was $169,900, down 13.8 percent from a year ago. The median price is the midpoint, which means half of the homes sold for more and half for less.
The biggest drop — more than 50 percent — was in Fort Myers, Fla. Prices fell 40 percent or more in Saginaw, Mich.; Akron, Ohio; San Francisco; San Jose, Calif.; Phoenix; Sarasota, Fla. and Riverside, Calif.
Lawrence Yun, the trade group’s chief economist, said the $8,000 tax credit for first-time buyers included in the economic stimulus package signed by President Barack Obama earlier this year should boost sales. .“We expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas,” Yun said in a statement.