Metro prices down during second quarter

The prices of homes for sale nationwide during the second quarter declined.According to the recent quarterly report from the National Association of Realtors, the prices of homes for sale in the nation's metro areas were down during the second quarter.Overall, home values in 27 percent of the nation's metro areas recorded a higher value compared to the previous year. Existing single-family home prices rose in 41 of the 151 metropolitan statistical areas surveyed during the second quarter compared to 2010, which includes four areas that recorded double-digit increases. One MSA's prices were unchanged from the previous year, while the remaining 109 areas suffered declines. By comparison, 34 metro areas had higher values during the first quarter from 2010.”Median home prices have been moving up and down in a relatively narrow range in many markets, which shows a stabilization trend,” said Lawrence Yun, NAR's chief economist. “Markets showing consistent price stability or increases are those with solid labor market conditions, such as in Washington, D.C., San Antonio or Fargo, North Dakota.”Regionally, the median price of existing single-family homes in the South was down 2.7 percent from the previous year, settling at $153,000. Existing-home sales also declined 3.4 percent to an annual rate of 1.89 million. The Houston real estate market recorded 4,593 closings during the three-month period, a recent Metrostudy report revealed.Courtesy of 2M Realty News

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