First quarter home prices up in 74 of 146 metro areas

Seventy-four housing markets across the nation saw median home prices increase in the first quarter of 2012, the National Association of Realtors said in a report released Wednesday, which is slightly more than half of all the markets it surveys. This is a significant improvement from the fourth quarter of 2011, when only 29 metros experienced gains, according to Bloomberg.

While the majority of individual markets experienced price increases, the overall national median price for single-family homes was down 0.4 percent year-over-year from 2011, sitting at $158,100.

Among individual metro areas, Cape Coral, Fla., had the biggest price jump at 28.1 percent. It was closely followed by Grand Rapids, Mich. (19 percent); Palm Bay, Fla. (16.9 percent); and Erie, Pa. (16.6 percent)

Some markets did experience price declines, however; Kingston, N.Y., was the greatest such example, with prices dropping 22 percent for the quarter. Other metros with significant declines were Stamford, Conn. (18 percent); Mobile, Ala. (14.7 percent); and Atlanta (12 percent).

NAR economists note the reduced number of distressed properties sold in the first quarter as a primary reason prices ticked up in so many markets. At the same time, sales of previously owned homes rose 5.3 percent. On a regional basis, the Midwest saw the greatest increase in sales at 11.7 percent.

To read the rest of the Bloomberg story, click here.