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Home prices continued double digit decline

Chart: Median Sales Prices March 2011

Out of nineteen major metropolitan areas reported seven indicated a median sales price decline of at least 10% or greater. Atlanta, Baltimore, Cincinnati, Minneapolis-St. Paul, Phoenix, Portland OR, and St. Louis MO each surpassed the double digit decline year over year from March 2010 through March 2011.

For the first time in several years the median sales price of homes in the Atlanta MSA have dipped below $100,000 to $99,000 marking Atlanta as the lowest median sales price MSA in the national report published by the National Association of REALTORS® in April.

Coupled with excess inventory stretching into the year plus range and low employment rates in some of these areas recovery could be slow even though purchase opportunities abound.

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