Home Prices Cool Somewhat, But Not in Metro Areas

Although the increase in prices for single-family cooled in the first quarter, many metropolitan regions are still showing double-digit annual gains.

A survey by the National Association of Realtors shows the median price for a previously-owned single-family home was $217,900 — up more than 10 percent from a year earlier. During the final three months of last year, prices had been up more than 13.5 percent, compared with the same period a year earlier.

Of the 149 metro areas surveyed, 60 regions had annual price growth in the double digits, while 16 showed price declines.

NAR Chief Economist David Lereah said the drop is due to increased home inventories. And he said second-quarter numbers will likely show most areas returning to rates of price growth in the single-digit range.

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