NAR: 4Q Prices Down in Over Half MSAs

Median house prices in over half the covered metropolitan statistical areas were lower in the fourth quarter than they were a year earlier, according to the National Association of Realtors. The NAR's fourth-quarter metro area home price report indicates that 77 of 150 MSAs experienced price declines in median existing-home prices, while 73 had increases. The NAR also reported that the national median resale price stood at $206,200 in the fourth quarter, down 5.8% from $219,000 a year earlier. "The continuing crunch in the jumbo loan market that began in August has disproportionately reduced the number of transactions in higher price ranges," said NAR chief economist Lawrence Yun. "For buyers who need loans of more than $417,000, mortgage interest rates have been running more than a percentage point higher, and that has been having an obvious impact." The NAR can be found on the Web at http:/www./realtor.org.