The national median home price continues to overcorrect. Home prices stood at 2003 levels in February at $165,400, which translates to a 16% decline from a year ago.
“Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” said Lawrence Yun, NAR chief economist.
Regionally, the West is showing signs of recovery with stronger-than-expected sales gains. California is in the lead with median listing prices starting to rise for the first time in 3 years.