Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.
The National Association of Realtors said today that median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared with the same period a year ago. Prices rose in the other 18 cities. NAR did not have price information for metro Baton Rouge, but said median prices were up 3.4% in Shreveport-Bossier City to $136,000 and down 4% in New Orleans, to $150,800.
Nationwide, sales of foreclosures and other distressed properties made up about half of the market. Overall, sales dipped 3.2% from the year-ago period. “I think we’re near a bottom, but we’re not there yet,” said David Resler, chief economist at Nomura Securities. While prices could hit bottom as soon as this summer, he says, they are likely to remain stable and start edging higher slowly.
