91 cities post home price increases: NAR

TRD New York /
May.May 12, 2010 11:34 AM

Home prices appear to be stabilizing, with a growing number of cities posting year-over-year price gains for single-family homes in the first quarter, according to a recent survey by the National Association of Realtors. Of the 152 cities surveyed, 91 saw prices rise — up from 67 in the fourth quarter of 2009 — and 29 of those cities saw double-digit increases. The median U.S. single-family home price held relatively steady at $166,000, a 0.7 percent decline from the first quarter of 2009. “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus,” said NAR chief economist Lawrence Yun. But the tax credit also dragged some prices down, according a report released today by Trulia.com. As of May 1, 22 percent of listings on the market nationwide had seen at least one price cut, up 10 percent from one month ago, which amounted to a total of $25 billion slashed off asking prices for U.S. homes. TRD


Related Articles

arrow_forward_ios
Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

US home sales slide again in June as prices hit all-time high

US home sales slide again in June as prices hit all-time high

(Credit: iStock)

US existing home sales bounce back in May as spring buying season heats up: report

Propy CEO Natalia Karayaneva (Credit: iStock)

NAR’s venture capital arm is now a blockchain investor

President Donald Trump addresses the National Association of Realtors on Friday (Credit: Getty Images)

“I feel like home”: Trump touts economy, gushes over agents at NAR conference

NAR CEO Bob Goldberg (left) and Crexi CEO Michael DeGiorgio

NAR inks partnership with Crexi

Is the tax overhaul law impacting real estate?

Is the tax overhaul law impacting real estate?

National Cheat Sheet: Blackstone Group plans to become a corporation, NAR hit with new antitrust suit  … & more

National Cheat Sheet: Blackstone Group plans to become a corporation, NAR hit with new antitrust suit … & more

arrow_forward_ios
Loading...