According to the National Association of Realtors, home prices rose in 20 percent of metropolitan areas in the U.S., or 34 out of 153, in the first quarter of 2011. However, other sources report that, on average, home prices decreased 3 percent in the first quarter of the year.
In the last quarter of 2010, 78 of the nation’s metropolitan areas experienced increases in home prices. The median home price for the first three months of 2011 was $158,700. Experts say the 4.6 percent decrease from a year before is partially due to distressed and foreclosed home sales.
Chief economist of the NAR Lawrence Yun stated, “The rising sales trend in nearly all states is a part of the healing process to clear off inventory. Sales need to rise before prices can firm up.”
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