Home prices continued to plummet during the first three months of 2011, falling 4.6% from a year earlier.
The U.S. median price, according to the National Association of Realtors (NAR), dropped to $158,700 for a single family house. Condo prices fell even harder — 10.4% to $152,900.
The median home price has now slumped 30% from its 2006 high of $227,100, and prices have fallen nearly 7% so far this year. “We’re seeing prices dropping faster than they did in 2010,” said Pat Newport, an analyst with IHS Global Insight. “That’s troubling. Falling home prices precipitated the recession and are slowing the recovery.”Ã‚Â NAR blamed much of the latest price drop on sales of foreclosed properties. These “distressed” property sales accounted for 39% of the market, up from 36% from a year earlier.
The biggest losers were Gulfport, Miss. (down 22.8% to $99,400); Akron, Ohio (off 21.4% to $74,900); and Salem, Ore.(down 20.6% to $153,500).
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