Home Prices Rising in More Areas, First Quarter Sales Up From a Year Ago

A growing number of areas are experiencing price gains from a year ago, while most states have seen healthy gains in home sales from the first quarter of 2009, according to the latest survey by the National Association of REALTORS®.

In the first quarter, 91 out of 152 metropolitan statistical areas1 showed higher median existing single-family home prices in comparison with the first quarter of 2009, including 29 with double-digit increases; three were unchanged and 58 metros had price declines. In the fourth quarter 67 areas reported gains and 123 were down, while only 30 MSAs in third quarter of 2009 showed annual price increases.

The national median existing single-family price was fairly flat at $166,100, down 0.7 percent from the first quarter 2009 price of $167,300. The median is where half sold for more and half sold for less. Distressed homes, which typically are discounted by 15 percent relative to traditional homes, accounted for 36 percent of first quarter sales. http://www.realtor.org/press_room/news_releases/2010/05/metro_rise