Median home prices fall

WASHINGTON — Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.

While sales rose in six states among the hardest hit by the housing slump, analysts said the nascent signs of recovery in the market could be short-lived if employers continue to lay off workers in bulk.

 

The National Association of Realtors said Tuesday that median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared with the same period a year ago. Prices rose in the other 18 cities.

 

The median sales price in the Salt Lake City metro area grew 1.9 percent year over year, from $225,700 to $230,100.

 

Nationwide, sales of foreclosures and other distressed properties made up about half of the market. Overall, sales dipped 6.8 percent from the year-ago period. The median sales price nationwide was $169,900, down 13.8 percent from a year ago. The median price is the midpoint, which means half of the homes sold for more and half for less.

 

"I think we're near a bottom, but we're not there yet," said David Resler, chief economist at Nomura Securities. While prices could hit bottom as soon as this summer, he said, they are likely to remain stable and start edging higher slowly. Original Article