The National Association of Realtors is reporting that the national media existing single-family home price was $169,000 in the first quarter 2009 -- down 13.8 percent from the first quarter of 2008.

Dr. Lawrence Yun, chief economist for the NAR, said some areas showed dramatic drops in home prices. "In areas with the biggest price declines, we also see much higher levels of distressed sales which are distorting the data," Yun said. "We are very much in a bifurcated market with sharp differences between foreclosures and short sales on one hand, and traditional homes on the other. In many cases homes are selling below replacement construction costs, which speaks to great value in the current market."

The bright spots in the market were found in Nevada, California, Arizona, and Florida. All of these areas saw increases by 25 percent or more. Nevada led that pack at 116.8 percent.

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Published: May 19, 2009

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