HOME PRICES CRUSHED

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New York (CNNMoney) — 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.”

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.

Distressed properties, often in poor condition and are priced to move, sell for about 20% less than conventional home sales.

Those sales attract speculators, investors and cash buyers who gravitate toward lower priced homes, said Lawrence Yun, chief economist for NAR. (How to buy a foreclosure)

The market for distressed properties may further expand over the next few months. Falling prices have sent more mortgage borrowers underwater, owing more on their mortgage balances than their homes are worth. That makes them more likely to default on loans.

“That’s a key problem,” said Newport. “There are a lot of bad loans in the foreclosure pipeline and we don’t know how many strategic defaults [people walking away from their mortgages] will result.”

Of the 153 home markets covered by the report, Honolulu recorded the highest median price, $579,300. San Jose, Calif., the heart of Silicon Valley, was second at $545,000, and Anaheim-Santa Ana, Calif. was third at $511,800.

The lowest priced markets were in the Rust-Belt: Youngstown, Ohio ($55,400); Lansing, Mich. ($64,400); and Toledo, Ohio ($64,900).

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). To top of page

Metro Area
State
Median home price
1st Quarter
Percent change from
1st Quarter 2010
Abilene
TX
$110,300
-0.7%
Akron
OH
$74,900
-21.4%
Albany-Schenectady-Troy
NY
$184,000
0.1%
Albuquerque
NM
$167,700
-3.7%
Allentown-Bethlehem-Easton
PA-NJ
$186,200
-18.4%
Amarillo
TX
$120,500
3.2%
Anaheim-Santa Ana-Irvine
CA
$511,800
-5.1%
Appleton
WI
$115,500
-6.1%
Atlanta-Sandy Springs-Marietta
GA
$99,800
-9.4%
Atlantic City
NJ
$212,700
-0.3%
Austin-Round Rock
TX
$188,200
3.1%
Baltimore-Towson
MD
$212,600
-9.5%
Barnstable Town
MA
$299,000
-8.2%
Baton Rouge
LA
$160,600
-3.4%
Beaumont-Port Arthur
TX
$125,300
-1.3%
Binghamton
NY
$106,600
3.7%
Birmingham-Hoover
AL
$132,400
-2.0%
Bismarck
ND
$159,500
1.0%
Bloomington-Normal
IL
$149,000
-0.7%
Boise City-Nampa
ID
$127,300
-6.9%
Boston-Cambridge-Quincy
MA-NH
$322,100
0.1%
Boulder
CO
$353,400
-2.3%
Bridgeport-Stamford-Norwalk
CT
$342,100
-7.9%
Buffalo-Niagara Falls
NY
$118,100
10.8%
Burlington-South Burlington
VT
$271,200
10.6%
Canton-Massillon
OH
$87,300
6.7%
Cape Coral-Fort Myers
FL
$91,800
6.3%
Cedar Rapids
IA
$129,400
-4.9%
Champaign-Urbana
IL
$134,000
3.0%
Charleston
WV
$122,200
4.9%
Charleston-North Charleston
SC
$183,500
-5.7%
Charlotte-Gastonia-Concord
NC-SC
$195,100
12.2%
Chattanooga
TN-GA
$117,300
3.9%
Chicago-Naperville-Joliet
IL
$155,000
-11.7%
Cincinnati-Middletown
OH-KY-IN
$112,800
-7.5%
Cleveland-Elyria-Mentor
OH
$87,000
-19.7%
Colorado Springs
CO
$184,300
-0.3%
Columbia
MO
$148,800
6.7%
Columbia
SC
$135,500
-0.8%
Columbus
OH
$114,400
-9.1%
Corpus Christi
TX
$133,800
3.3%
Cumberland
MD-WV
$80,700
-17.9%
Dallas-Fort Worth-Arlington
TX
$143,100
1.4%
Davenport-Moline-Rock Island
IA-IL
$94,800
-7.5%
Dayton
OH
$78,000
-20.3%
Decatur
IL
$81,300
8.4%
Deltona-Daytona Beach-Ormond Beach
FL
$110,100
-7.0%
Denver-Aurora
CO
$223,800
-0.4%
Des Moines
IA
$133,700
2.1%
Dover
DE
$166,500
-12.4%
Durham
NC
$158,000
-8.3%
El Paso
TX
$131,500
2.3%
Elmira
NY
$88,300
-2.8%
Erie
PA
$94,500
-1.3%
Fargo
ND-MN
$139,400
-0.9%
Farmington
NM
$178,900
-6.3%
Florence
SC
$107,600
9.2%
Ft. Wayne
IN
$82,400
-11.6%
Gainesville
FL
$146,300
-5.4%
Gary-Hammond
IN
$101,300
-6.9%
Glens Falls
NY
$141,700
2.2%
Grand Rapids
MI
$81,100
-10.6%
Green Bay
WI
$128,500
-2.4%
Greensboro-High Point
NC
$115,700
-4.7%
Greenville
SC
$137,200
-2.4%
Gulfport-Biloxi
MS
$99,400
-22.8%
Hagerstown-Martinsburg
MD-WV
$121,100
-16.7%
Hartford-West Hartford-East Hartford
CT
$213,600
-5.4%
Honolulu
HI
$579,300
-6.7%
Houston-Baytown-Sugar Land
TX
$148,500
-1.1%
Indianapolis
IN
$109,900
-4.4%
Jackson
MS
$133,900
9.9%
Jacksonville
FL
$127,400
-9.5%
Kankakee-Bradley
IL
$110,000
-4.3%
Kansas City
MO-KS
$125,300
-4.1%
Kennewick-Richland-Pasco
WA
$175,400
-0.6%
Kingston
NY
$200,900
-7.5%
Knoxville
TN
$139,700
3.4%
Lansing-E.Lansing
MI
$64,400
-16.5%
Las Vegas-Paradise
NV
$128,300
-6.4%
Lexington-Fayette
KY
$133,300
-1.6%
Lincoln
NE
$132,800
0.0%
Little Rock-N. Little Rock
AR
$127,700
-1.5%
Los Angeles-Long Beach-Santa Ana
CA
$292,700
-2.0%
Louisville
KY-IN
$125,000
-2.1%
Madison
WI
$216,300
1.7%
Manchester-Nashua
NH
$204,600
-6.7%
Memphis
TN-MS-AR
$104,200
-8.5%
Miami-Fort Lauderdale-Miami Beach
FL
$153,600
-19.7%
Milwaukee-Waukesha-West Allis
WI
$181,400
-11.0%
Minneapolis-St. Paul-Bloomington
MN-WI
$140,600
-13.2%
Mobile
AL
$106,900
-8.2%
Montgomery
AL
$119,600
-3.7%
New Haven-Milford
CT
$211,700
-7.1%
New Orleans-Metairie-Kenner
LA
$147,900
-4.3%
New York-Northern New Jersey-Long Island
NY-NJ-PA
$375,900
-1.2%
New York-Wayne-White Plains
NY-NJ
$439,300
0.5%
Norwich-New London
CT
$177,100
-13.7%
NY: Edison
NJ
$303,200
-6.9%
NY: Nassau-Suffolk
NY
$372,000
-1.3%
NY: Newark-Union
NJ-PA
$360,700
1.2%
Ocala
FL
$75,400
-18.8%
Oklahoma City
OK
$129,300
-8.1%
Omaha
NE-IA
$128,500
-3.3%
Orlando
FL
$119,700
-7.6%
Palm Bay-Melbourne-Titusville
FL
$89,500
-15.8%
Pensacola-Ferry Pass-Brent
FL
$131,200
-6.8%
Peoria
IL
$100,900
-2.5%
Philadelphia-Camden-Wilmington
PA-NJ-DE-MD
$199,100
-5.1%
Phoenix-Mesa-Scottsdale
AZ
$126,700
-10.1%
Pittsfield
MA
$172,400
-8.5%
Portland-South Portland-Biddeford
ME
$199,700
-0.2%
Portland-Vancouver-Beaverton
OR-WA
$213,400
-10.1%
Providence-New Bedford-Fall River
RI-MA
$208,500
-1.6%
Raleigh-Cary
NC
$229,900
4.5%
Reading
PA
$140,100
-5.1%
Reno-Sparks
NV
$166,300
-8.3%
Riverside-San Bernardino-Ontario
CA
$173,400
-0.3%
Rochester
NY
$114,100
1.7%
Rockford
IL
$92,300
-12.1%
Sacramento–Arden-Arcade–Roseville
CA
$169,400
-5.6%
Saint Louis
MO-IL
$107,400
-7.5%
Salem
OR
$153,500
-20.6%
Salt Lake City
UT
$190,500
-6.5%
San Antonio
TX
$148,500
4.4%
San Diego-Carlsbad-San Marcos
CA
$374,800
-1.1%
San Francisco-Oakland-Fremont
CA
$465,900
-3.6%
San Jose-Sunnyvale-Santa Clara
CA
$545,000
-2.7%
Sarasota-Bradenton-Venice
FL
$147,100
-12.2%
Seattle-Tacoma-Bellevue
WA
$287,100
-5.1%
Shreveport-Bossier City
LA
$156,000
6.6%
Sioux Falls
SD
$147,400
2.1%
South Bend-Mishawaka
IN
$68,700
-1.2%
Spartanburg
SC
$108,000
-7.8%
Spokane
WA
$159,500
-6.2%
Springfield
IL
$117,500
-2.1%
Springfield
MA
$169,100
-7.2%
Springfield
MO
$111,200
3.6%
Syracuse
NY
$114,400
-1.9%
Tallahassee
FL
$133,600
-13.5%
Tampa-St. Petersburg-Clearwater
FL
$113,600
-15.2%
Toledo
OH
$64,900
-12.5%
Topeka
KS
$92,500
-6.1%
Trenton-Ewing
NJ
$218,700
-5.0%
Tucson
AZ
$136,800
-18.0%
Tulsa
OK
$123,100
-1.4%
Virginia Beach-Norfolk-Newport News
VA-NC
$178,000
-8.7%
Washington-Arlington-Alexandria
DC-VA-MD-WV
$294,800
0.8%
Waterloo/Cedar Falls
IA
$98,400
-10.1%
Wichita
KS
$105,700
-8.0%
Worcester
MA
$198,800
-5.2%
Yakima
WA
$141,400
-8.5%
Youngstown-Warren-Boardman
OH-PA
$55,400
-16.3%

Metro Area
State
Median Price
1Q 2011
% Change
(1-yr)
Baltimore-Towson
MD
$180,300
-11.0%
Barnstable Town
MA
$171,100
-28.1%
Bismarck
ND
$129,000
-0.8%
Boston-Cambridge-Quincy
MA-NH
$265,000
-2.4%
Bridgeport-Stamford-Norwalk
CT
$224,900
-5.4%
Chicago-Naperville-Joliet
IL
$133,200
-24.1%
Cincinnati-Middletown
OH-KY-IN
$89,800
-19.2%
Colorado Springs
CO
$128,400
-0.2%
Columbus
OH
$101,800
-10.8%
Dallas-Fort Worth-Arlington
TX
$116,600
-10.5%
Hartford-West Hartford-East Hartford
CT
$165,900
-0.8%
Honolulu
HI
$311,100
1.9%
Houston-Baytown-Sugar Land
TX
$109,100
-10.7%
Indianapolis
IN
$126,400
16.0%
Jacksonville
FL
$62,400
-21.7%
Knoxville
TN
$138,900
4.0%
Las Vegas-Paradise
NV
$59,800
-8.0%
Los Angeles-Long Beach-Santa Ana
CA
$206,100
-11.0%
Louisville
KY-IN
$117,800
-5.0%
Madison
WI
$147,700
5.2%
Manchester-Nashua
NH
$141,900
-17.4%
Miami-Fort Lauderdale-Miami Beach
FL
$79,200
-16.9%
Milwaukee-Waukesha-West Allis
WI
$151,900
-5.3%
New Haven-Milford
CT
$157,600
0.9%
New Orleans-Metairie-Kenner
LA
$152,800
-19.6%
New York-Wayne-White Plains
NY-NJ
$251,300
-10.8%
Norwich-New London
CT
$142,400
-19.1%
NY: Newark-Union
NJ-PA
$258,300
-5.7%
NY:Edison
NJ
$243,000
0.7%
NY:Nassau-Suffolk
NY
$231,100
1.3%
Palm Bay-Melbourne-Titusville
FL
$96,600
18.5%
Philadelphia-Camden-Wilmington
PA-NJ-DE-MD
$177,300
-5.2%
Phoenix-Mesa-Scottsdale
AZ
$71,000
-19.6%
Portland-South Portland-Biddeford
ME
$200,000
12.2%
Portland-Vancouver-Beaverton
OR-WA
$144,200
-16.3%
Providence-New Bedford-Fall River
RI-MA
$162,000
-11.2%
Reno-Sparks
NV
$69,300
-1.7%
Rochester
NY
$125,700
15.0%
Sacramento–Arden-Arcade–Roseville
CA
$80,500
-9.4%
Salt Lake City
UT
$143,300
-6.0%
San Diego-Carlsbad-San Marcos
CA
$204,400
-5.2%
San Francisco-Oakland-Fremont
CA
$357,800
-8.5%
Sarasota-Bradenton-Venice
FL
$126,600
-31.6%
Springfield
MA
$148,300
-8.6%
Syracuse
NY
$128,800
-10.1%
Tallahassee
FL
$71,600
    -13.5%
Tampa-St. Petersburg-Clearwater
FL
$65,600
-30.7%
Toledo
OH
$92,400
-18.4%
Trenton-Ewing
NJ
$198,800
-7.3%
Tucson
AZ
$93,500
4.8%
Virginia Beach-Norfolk-Newport News
VA-NC
$172,000
-3.4%
Washington-Arlington-Alexandria
DC-VA-MD-WV
$216,200
-7.8%
Wichita
KS
$87,900
0.0%
Worcester
MA
$141,200
-12.7%

Article source: http://rss.cnn.com/~r/rss/money_topstories/~3/F882K1QeXw0/index.htm

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