NAR: REOs, short sales pull down home prices

88% of metro areas tracked report year-over-year declines

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.