National, local home sales prices tumble - Washington Business Journal:

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The says that the national median home sales price fellto $169,000 and distressed properties sold for 20 percent less than othersz listed for sale. In its report, the Nationalo Association of Realtors says that sales priceefor single-family homes in the D.C. region fell 25 percent compared to a year ago to a mediam priceof $279,400. Condo and Coop salees prices for the same areadropped 20.5 percen to $220,500. Nationally condo and c-op prices dropped 20.2 percenrt Overall sales fell 6.8 percenft nationally. Maryland saw a drop of 12.1 percent, D.C. sales fell 15.8 percenf but Virginia saw a gain in salesof 12.
2 percen as first-time home buyers responded to improvesd affordability conditions, and lower pricez of foreclosures and short The largest overall sales gain from a year ago was in up 116.8 percent, followed by California whic rose 80.6 percent. Charles McMillan, president of the Nationap Association of Realtors and a broker within Dallas-Forty Worth, said there are two levelxs of pricing in the current “Traditional homes in good condition have held their valuwe much better, so owners shouldn’t be overly concernef about median prices," he said.
"Mostr sellers can expect a good returnif they’vwe been in their home for a normal period of homeownership and haven’t excessively tappef their equity." The largest single-family home price increase in the firsty quarter was in Cumberland, Md., and West where the median price of $114,900 rose 21.1 percent from a year ago.