Median Home Price Correction Pegged at 2%

Despite a broad decline in sales, the median price of existing single-family homes has fallen only 2% over the past four quarters, according to a National Association of Realtors quarterly survey of 150 metropolitan statistical areas.The national median house value was $220,800 in the third quarter, compared to $225,300 in the third quarter of 2006. The report shows that house prices rose in 93 MSAs and fell in 54 MSAs. Regionally, prices of previously owned homes rose 3.2% in the Northeast and 0.5% in Midwest, but fell 3.6% in the South and 3.8% in the West. Total existing home sales, including single-family, condominiums and co-ops, were off by 13.7% compared to the third quarter of 2006. In the West, sales were off by 21.5%. "The housing market correction is clearly focused on transaction volume and not in home prices," NAR chief economist Lawrence Yun said.