Home prices fell in the fourth quarter in the majority of U.S. metropolitan areas surveyed by the National Association of Realtors, according to a report issued today.
The median sale price of a U.S. home dropped 5.8 percent to $206,200 in the last three months of 2007 from $219,000 during the same period of 2006, the realtors’ group said today. Prices fell in 77 of 150 metropolitan areas, the most since the group began tracking values in 1979. The decline was 10 percent or more in 16 metro areas.
But not all of the news was bad. Seventy-three out of 150 metropolitan statistical areas showed increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros showing increases of 6 percent or more.
The Colorado Springs metropolitan area saw a slight decline in median sale prices, from $218, 200 to $217,500. However, that was still substantially above the 2005 median of $205,900.
The inventory of unsold homes was 3.91 million in December, according to the realtors’ group. The average number since 2000 is 2.67 million.