A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year with heavily discounted sales of distressed properties making up 30 percent of deals.
Home sales continued their climb, with quarterly sales outpacing the second quarter and the year-earlier period, the National Association of Realtors said Tuesday.
The median selling prices of existing homes declined in 123 of 153 metropolitan areas from the same period a year ago. Prices rose in the other 30 cities.
The national median price was $177,900, or 11 percent below that in 2008's third quarter.
In metro Toledo, median prices - meaning half sold for loss, half for more - plunged 12 percent from a year earlier to $88,300, the group said. Median prices were up slightly from $87,100 in the second quarter of 2009. A limited supply of condominiums helped make greater Toledo one of four places where condo prices rose in the third quarter. They rose 1.7 percent from a year earlier to $130,400.
"The decline in the national median price has moderated recently, and a shrinking supply of unsold inventory suggests we are getting closer to price stabilization in many areas," said Lawrence Yun, the group's chief economist. "But we need a steady stream of financially qualified buyers to further reduce inventory and get us to a self-sustaining market."Prices in Fort Myers, Fla., fell 40 percent to $98,000 from a year ago, the nation's worst drop. The largest price gain was in Cumberland, Md., which had a 19 percent jump to $122,100.
Quarterly sales hit a seasonally adjusted annual rate of 5.3 million, up more than 11 percent from 4.76 million in the second quarter.
Last week President Obama signed a bill extending and expanding the federal tax credit for home purchases. Now buyers who have owned their current homes for at least five years are eligible for tax credits of up to $6,500. First-time buyers - or anyone who has not owned a home in the last three years - would still get up to $8,000.
To qualify, buyers must sign a purchase agreement by April 30, 2010, and close by June 30.
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