During the first quarter, 100 of 149 metropolitan statistical areas chalked lower median home prices from the first quarter of 2007, the National Association of Realtors revealed today.
The NAR said 48 metros posted higher median existing SFR home prices from a year ago, blaming a lack of jumbo loan financing in some high-priced markets and a rush of foreclosures for the mixed results.
The median home price has fallen 7.7 percent from $212,600 in the first quarter of 2007 to $196,300 in the latest quarter ending March 31, 2008.
NAR chief economist Lawrence Yun noted that home prices were much lower in places where subprime mortgages were concentrated, which he said led to a higher number of foreclosure listings and subsequent valuation hits.
Regionally, home prices fell the most in the West, down 12.3 percent from a year ago, followed by the Midwest with a 7.9 percent decline, the South with 7.5 percent drop, and the Northeast, which actually saw a 3.2 percent gain.
The top three gainers year-over-year included Binghamton, NY, Peoria, IL, and Spartanburg, South Carolina, which all experienced annual median price increases of over 10 percent.
For all you underwater enthusiasts, Yun added that homeowners who purchased in the first quarter of 2002 and sold during the first quarter of 2008 accumulated $37,700 in median home equity and experienced a 23.8 percent median increase in value.