Home prices fell in nearly half of U.S. metropolitan areas in the third quarter, indicating that the market is losing steam without government tax credits, according to an industry report.
The median price for home resales fell compared with last year in 76 out of 155 areas tracked by the National Association of Realtors, the trade group said Thursday. Prices rose in 77 areas and were unchanged in two. In the second quarter of the year, prices rose in nearly two-thirds of U.S. cities.
The national median price for single-family homes, however, was nearly unchanged. It was $177,900 in the July-September quarter, down 0.2% from a year earlier.
The metro areas showing the biggest declines from a year earlier were Ocala, Fla. (20%), Melbourne, Fla. (15%), and Tucson, Ariz. (15%).
Showing gains were Burlington, Vt. (18%), Elmira, N.Y. (17%), and Dallas (14%).