Median real estate prices drop in nearly 3 of 4 metros in Q2

Sales fall in all but 6 states

Median sales prices for existing single-family homes fell in the second quarter in the vast majority of metropolitan areas covered by the National Association of Realtors in its latest quarterly report.

Of 151 metro areas, 109 (72.2 percent) saw prices declines in second-quarter 2011 compared to second-quarter 2010. Of the rest, 41 metros saw price gains — up from 34 in the first quarter — and one metro remained unchanged.

Nationally, the median sales price fell 2.8 percent year over year, to $171,900.

"Median home prices have been moving up and down in a relatively narrow range in many markets, which shows a stabilization trend," said Lawrence Yun, NAR’s chief economist, in a statement.

"Markets showing consistent price stability or increases are those with solid labor market conditions, such as … Washington, D.C.; San Antonio; or Fargo, N.D."