National Metro Median Price Rises 10.3%

The national median price of single-family homes in metropolitan areas rose to $217,900 in the first quarter, up 10.3% from the first quarter of last year, according to a new report by the National Association of Realtors.In the fourth quarter of 2005, the annual rate of home-price appreciation was 13.6%. "With the supply of homes picking up very nicely in many areas of the country, pressure is coming off home prices," said NAR chief economist David Lereah. Mr. Lereah expects second quarter data will show home price appreciation in the single-digits. Meanwhile, price increases on condominiums slowed from an annual rate of 9.2% in the fourth quarter to 5.2% in the first quarter.