The lure of more affordable homes spurred first-time homebuyers, but reduced prices on foreclosures and short sales drove down metropolitan-area median home prices in the first quarter, the National Association of Realtors said.
All but 18 of the 152 metro statistical areas reported lower median existing single-family home prices in comparison with the first quarter of 2008, as many buyers sought deeply discounted distressed sales — foreclosures and short sales — accounting for nearly half of transactions in the first quarter and weighed down median home prices in most markets.
The national median existing single-family price was $169,000, 13.8% below the first quarter of 2008.
