Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

Median single-family existing-home prices rose on a yearly basis in just over half of 146 markets tracked by the National Association of Realtors in the first quarter, indicating prices are stabilizing, the trade group said today. Nationally, the U.S. median single-family existing-home price dipped 0.4 percent from a year ago in the first quarter, to $158,100. Real estate owned (REO) and short-sale properties, typically sold at a discount, accounted for 32 percent of sales in the first quarter, down from 38 percent a year ago. "Home prices lag sales activity because the transactions were negotiated mostly in the previous quarter," said Lawrence Yun, NAR's chief economist, in a statement. "Given the steadily dwindling supply of inventory and notably higher listing price...