During the second quarter, 129 out of 155 metro areas reported lower median existing single family home prices than a year ago, according to the National Association of Realtors.
The national median sale price for single family homes hit $174,100 during the quarter, 15.6 percent less than the same period a year ago.
Sales of foreclosed homes and other “distressed” sales accounted for 36 percent of transactions in the quarter. Those transactions are closed at a discount of between 15 and 20 percent and the association pegged them as the primary cause of the median price decline.
Home sales, including single-family homes and condos, increased 3.8 percent during the quarter.
