Industry NewsMarkets & Economy

NAR: REOs, short sales pull down home prices

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The median resale single-family home price fell in 88 percent of the 152 metro areas tracked in the first quarter compared to the same quarter last year, according to a National Association of Realtors report, with 18 areas reporting price increases. Nationally, the median price of resale single-family homes dropped 13.8 percent year-over-year in the first quarter, to $169,000. The association blamed sales of foreclosures and short sales for "downwardly skewing median prices," noting that "distressed homes typically are selling for 20 percent less than traditional homes." Fifteen markets experienced median-price declines of 30 percent or more in the first quarter compared to the same quarter last year, with the most severe decline (-59.1 percent) in the Cape Coral-Fort Myers, Fla., metro area, and the Saginaw-Saginaw Township North, Mich., metro area with the second-highest decline (-53.7 percent). Akron, Ohio, was next on the list, down 48 percent, follow...