Market Matters
- The National Association of Realtors reporting 1st Quarter home prices up in 91 out of 152 Metropolitan Statistical Areas.
- Twenty-nine areas had double digit increases, San Francisco Bay Region being one, three were unchanged, and 58 Metro areas declined.
- The National Median existing SFR price in at $166,100 near unchanged versus -0.7% prior 1st Quarter 2009 at $167,300.
- Regionally the Median price in the West fell 8.3% from prior year to $210,200.
- Distressed properties comprised 36% of all 1st Quarter sales.
- NAR Chief Economist Lawrence Yun said, “This flattening in home prices is something we’ve been seeing in all of the home price measures lately, and quite clearly in this Metro Price Report. The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”
