Prices show some appreciation in certain metros

A number of metropolitan areas around the country are enjoying home price increases even as slow moving activity depresses local home sales.

The National Association of Realtors reported that the median price for existing single-family homes in the country fell 0.2 percent in the third quarter to $177,900. Even so, 77 out of the 155 metropolitan areas that the trade group surveyed reported increasing home prices, a good sign that families moving to certain cities may not have to watch their home's value depreciate significantly after moving in.

"There are large local market differences with prices rising in job-creating regions like the Washington, D.C. area, the Dakotas and Texas; and also in markets recovering from over-correction such as California coastal cities," said Lawrence Yun, the NAR's chief economist.

The report added that existing home sales were down 25.3 percent from the previous quarter, a sign that large numbers of buyers likely pushed up their moving dates to earlier in the year to take advantage of the homebuyer tax credit.

The NAR's report reinforced data from Clear Capital which showed that home prices in Washington, D.C. and major California cities have been able to buck national trends and maintain positive growth.
 

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