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Home prices fell in the third quarter from year-ago levels in about 80 percent of U.S. metropolitan areas, the National Association of Realtors said Tuesday.
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Photo by:Seven_Null7 Reduced Price |
But home sales continued their climb, with quarterly sales outpacing the second quarter and the previous year's figures, the industry trade group said.
Median prices fell compared to a year earlier in 123 of 153 metro areas, while 30 areas saw prices rise.
The national median price for single-family homes, which make up the bulk of the U.S. housing market, fell 11.2 percent from the same quarter a year earlier to $177,900.
"The decline in the national median price has moderated recently, and a shrinking supply of unsold inventory suggests we are getting closer to price stabilization in many areas, " said Lawrence Yun, the group's chief economist, in a statement. "But we need a steady stream of financially qualified buyers to further reduce inventory and get us to a self-sustaining market."
Prices in Fort Myers, Fla., plunging 40 percent to $98,000 from a year ago, were the worst in the nation. Las Vegas saw its median price tumble almost 35 percent to $138,500 year-over-year.
The largest price gain, by contrast, was in Cumberland, Md., where prices jumped 19 percent to $122,100. Davenport, Iowa, followed with an increase of 14 percent to $115,600.
The federal tax credit of up to $8,000 for first-time homebuyers helped boost sales in the third quarter. U.S. home sales grew in 45 states from the second quarter, with 28 states posting double-digit gains.
Total quarterly sales hit a seasonally adjusted annual rate of 5.3 million, up more than 11 percent from 4.76 million in the second quarter.
President Barack Obama signed a bill last week extending and expanding the federal tax credit. Now, buyers who have owned in their current homes for at least five years are eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers have to sign a purchase agreement by April 30, 2010, and close by June 30.
—AP contributed to this report
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