Condo Prices Fall Nationally

The real estate downturn has hit the condo market -- though it's not exactly a blood bath, at least not yet.According to figures compiled by the National Association of Realtors, condominium prices in metropolitan areas fell 0.3% in the second quarter compared to the same quarter a year ago. According to the trade group, the national median existing condo price was $225,800 in the second quarter. Condo markets suffering the most include the MSA of Palm Bay-Melbourne-Titusville, Fla. (down 11.8%), and Toledo, Ohio (down 9.7%). NAR also reported that median prices in the single-family market rose 3.7% in the second quarter. "With more sellers competing for the pool of buyers, the pressure on home prices has evaporated in most metro areas," said NAR chief economist David Lereah. He described the price slowdown and correction as a "soft landing in the housing sector."