Declines in the sales price of single-family resale homes in the Western U.S. pulled the nation’s median price down 0.7 percent in the first quarter, to $166,100, compared to the same quarter last year, the National Association of Realtors reported today.

Regionally, the median price of single-family resale homes plunged 8.3 percent in the West and 0.8 percent in the Midwest while rising 9 percent in the Northeast and 1.1 percent in the South.

NAR reported that the median single-family existing-home price rose in 91 of 152 metro areas (59.9 percent) in the first quarter compared to the same quarter last year, with 58 metro areas (38.2 percent) reporting price declines and three reporting that the median price was unchanged.

Declines in the sales price of single-family resale homes in the Western U.S. pulled the nation’s median price down 0.7 percent in the first quarter, to $166,100, compared to the same quarter last year, the National Association of Realtors reported today.

Regionally, the median price of single-family resale homes plunged 8.3 percent in the West and 0.8 percent in the Midwest while rising 9 percent in the Northeast and 1.1 percent in the South.

NAR reported that the median single-family existing-home price rose in 91 of 152 metro areas (59.9 percent) in the first quarter compared to the same quarter last year, with 58 metro areas (38.2 percent) reporting price declines and three reporting that the median price was unchanged.

Also, NAR reported that sales of all existing homes, including single-family homes and condos, rose 11.4 percent in the first quarter compared to the same quarter last year, to a seasonally adjusted annual rate of 5.14 million, while falling 14 percent from fourth-quarter 2009. Lawrence Yun, chief economist for NAR, attributed that quarter-to-quarter decline to a tax-credit-fueled sales surge during the fourth quarter.

Sales rose in 44 states and Washington, D.C., in the first quarter compared to the same quarter last year — and were up in double-digit percentages in 31 states and Washington, D.C., according to the report.

Top 10 Areas for Single-Family Median Price Increases

Rank

Metropolitan Area

% change, Q1 ’09-Q1 ’10

1

Saginaw-Saginaw Township North, Mich.

100.7%

2

Akron, Ohio

90.2%

3

Cleveland-Elyria-Mentor, Ohio

53.8%

4

San Francisco-Oakland-Fremont, Calif.

28.9%

5

Grand Rapids, Mich.

26.0%

6

San Jose-Sunnyvale-Santa Clara, Calif.

24.4%

7

Dayton, Ohio

22.8%

8

Memphis, Tenn.-Miss.-Ark.

18.5%

9

Gary-Hammond, Ind.

18.3%

10

Elmira, N.Y.

17.8%

Top 10 Areas for Single-Family Median Price Decreases

Rank

Metropolitan Area

% change, Q1 ’09-Q1 ’10

1

Orlando, Fla.

-15.0%

2

Ocala, Fla.

-14.5%

3

Cumberland, Md.-W.V.

-14.4%

4

Boise City-Nampa, Idaho

-13.9%

5

Reno-Sparks, Nev.

-13.5%

6

Hagerstown-Martinsburg, Md.-W.V.

-13.0%

7

Las Vegas-Paradise, Nev.

-11.8%

8

Glens Falls, N.Y.

-11.5%

9

Salt Lake City, Utah

-11.4%

10

Palm Bay-Melbourne-Titusville, Fla.

-11.0%

Source: National Association of Realtors.

***

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