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Archive for Wednesday, May 14, 2008

Median home prices drop in many cities

May 14, 2008

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— Median home prices fell in two-thirds of the cities surveyed during the first three months of this year while sales declined in 46 states compared with a year ago, according to the latest report highlighting the depth of the nation's housing woes.

The National Association of Realtors said Tuesday that median prices for existing single-family homes dropped in 100 of 149 metropolitan areas in the January-March period, while 48 metropolitan areas saw price increases and one reported no change.

Nationally, the median home price - the point where half the homes sold for more and half for less - fell to $196,300 in the first quarter, down by 7.7 percent from the same period a year ago.

Sales of existing homes were down in 46 states for the first three months of this year, compared with the same period a year ago. Only Alaska, Indiana and New Jersey reported sales increases during the survey period. Data for New Hampshire was not available.

Nationally, sales fell by 22.2 percent in the first quarter compared with the same period a year ago.

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