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| NAR says home prices fall in most metro areas  Existing-home sales in most states were down in the fourth quarter, marking the likely bottom for the current housing cycle, while prices in many areas corrected as a result of sellers' willingness to negotiate, according to the latest quarterly surveys by the US National Association of Realtors. Total existing-home sales including single-family and condo, were at a seasonally adjusted annual rate of 6.24 million units in the fourth quarter, down 10.1 percent from a 6.94 million-unit level in the fourth quarter of 2005. In the fourth-quarter, metro area single-family home prices, examining changes in 149 metropolitan statistical areas, show 71 areas had price gains from a year earlier, including 14 metros with double-digit annual increases, and 73 areas had price declines; five were unchanged.The national median existing single-family home price was $219,300 in the fourth quarter, down 2.7 percent from a year earlier when the median price was $225,300. The median is a typical market price where half of the homes sold for more and half sold for less. For all of 2006, the median price rose 1.4 percent to $222,000. A new comparison of annual single-family home prices in metropolitan areas shows that typical sellers experienced healthy gains on the value of their home over the last five years in almost all 131 available areas, even in areas with recent price declines. In the condo sector, metro area condominium and cooperative prices – covering changes in 58 markets – show the national median existing condo price was $220,900 in the fourth quarter, down 2.1 percent from the same period in 2005. Thirty-one metros showed annual increases in the median condo price, including seven areas with double-digit gains; 27 metros had price declines. The National Association of Realtors, "The Voice for Real Estate, " is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries. write your comments about the article :: © 2007 Construction News :: home page |