Industry NewsMarkets & Economy

Most metros see annual price gains

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With distressed homes accounting for a smaller proportion of sales nationwide, median prices for existing homes were up from a year ago in nearly two-thirds of the 155 metro markets tracked by the National Association of Realtors during the second quarter.Distressed homes accounted for 32 percent of sales, down from 36 percent a year ago, helping push the national median home price up 1.5 percent from a year ago, to $176,900, NAR said.Sales volume of existing single-family homes and condos increased 9.1 percent from the first quarter, to a seasonally adjusted annual rate of 5.61 million. That's a 17.3 percent increase from the 4.78 million-unit pace during the second quarter of 2009.NAR is currently forecasting a significant drop in sales of existing single-family homes during the third quarter, however, to an annual rate of 4.55 million units. NAR's forecast anticipates that sales will rebound to an annual pace of 5.27 million units during the final three months of the year.Although o...