Most metropolitan area median home prices, impacted by distressed sales, trended down in the fourth quarter from a year earlier. At the same time, existing-home sales rose in only six states from the fourth quarter of 2007, according to the latest survey by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the market is clearly depressed from job losses and consumer concerns about the economy. "Assuming housing provisions in the economic stimulus package are quickly enacted and provide enough encouragement for home buyers, we could see a quick lift in home sales for the critical spring home-buying season," he said.

In the Midwest, existing-home sales dropped 9.3 percent in the fourth quarter to a pace of 1.04 million and are 12.4 percent below a year ago.

There were some bright spots in the market, such as in Wichita, KS, where median home prices were up 3.9 percent. Also in the Midwestern region, Bismarck, North Dakota, saw its median home price rise 6 percent from year ago levels.

Published: February 17, 2009

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