WASHINGTON -(Dow Jones)- Median existing-home prices fell in about 73% of U.S metropolitan areas in the second quarter, as the housing market remained one of the weakest parts of the economy. The National Association of Realtors said Wednesday that median prices for existing homes fell in 109 out of 150 metro areas in the April-June period. One metro area was unchanged, and 40 showed price increases.
The results were slightly better than the first quarter, when 118, or 77%, of 153 metro areas surveyed showed price declines and 34 gained.
"Median home prices have been moving up and down in a relatively narrow range in many markets," said Lawrence Yun, NAR's chief economist. The median price of homes sold in the quarter was $171,900, down 2.8% from $176,800 in the same quarter a year earlier.
The metro areas showing the biggest declines from a year earlier were Salem, Ore. (23%); Minneapolis (18%); Toledo, Ohio (17%); Norwich, Conn. (17%); and Atlanta (17%). Showing the largest gains were Cape Coral, Fla. (18%); Elmira, N.Y. (16%); Dallas (12.5%); Grand Rapids, Mich. (11%); and Glen Falls, N.Y. (9% ).
Sales of previously occupied homes in the second quarter, adjusted for seasonal factors, were down 5.4% from the first quarter, and down 12.7% from a year earlier, the Realtors group said.
