The median price of a single-family home fell 2% to $220,800 in the third quarter. Putting the best possible spin on the data, the National Association of Realtors notes that 93 out of 150 metropolitan statistical areas it follows showed price increases. The national average still slid because more higher-priced homes fell in value.
The largest single-family home price increase was in Bismarck, N.D., area, where the median price of $161,600 rose 15% from a year ago. Next was the Salt Lake City area, at $246,700, up 14%, and Yakima, Wash., up 13% to $163,200. Homeowners in Sarasota, Sacremento and Palm Bay, Florida saw double-digit declines.
Median third-quarter metro area single-family home prices ranged from $81,600 in the Youngstown, Ohio to $852,000 in tSan Jose, California. The second most expensive area was San Francisco-Oakland-Fremont, at $825,400, followed by the Anaheim-Santa Ana-Irvine area (Orange County, Calif.), at $700,700.
The typical seller purchased their home six years ago, the Realtors said. With the median price in the third quarter of 2001 at $159,100, the median increase for that seller is 38%.