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Home Prices Fall in Half of US Cities in Downward Trend

Home prices edged up in just half of U.S. cities in the third quarter as the weak economy dulled buyer interest.

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AP

The National Association of Realtors says the median sales price for previously occupied homes rose compared with last year in 77 out of 155 metropolitan areas tracked in the July-to-September quarter.

That compares with 100 out of 155 cities in the April-to-June quarter. Eleven cities had double-digit price increases.

Most experts believe these gains will fade as the economic recovery weakens. They expect prices to turn downward.

The national median price in the third quarter was $177,900, down from $178,200 in the same quarter last year and up from $176,800 in the second quarter.