Home prices in the United States fell in nearly nine out of every 10 U.S. cities in the first quarter of this year, according to a National Association of Realtors report.
The Association said that median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared with the same period a year ago. Prices rose in the other 18 cities.
Nationwide, sales of foreclosures and other distressed properties made up about half of the market. Overall, sales dipped 6.8 percent from the year-ago period.
Home sales fell in all but six states-—Nevada, California, Arizona, Florida, Virginia, and Minnesota. Sales more than doubled in Nevada, rose 81% in California and grew 50% in Arizona. The biggest drop, of more than 50%, was in Fort Myers, FL. Prices fell 40% or more in Saginaw, MI.; Akron, OH; San Francisco; San Jose, CA.; Phoenix; Sarasota, FL, and Riverside, CA.
The biggest price gain, of more than 21%, was in Cumberland, MD, U.S.
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