The median home sales price in the D.C. metro area was up 2.3% from a year ago in the second quarter, according to the National Association of Realtors, but the share of metro areas where prices are now falling on an annual basis is rising.
NAR鈥檚 quarterly report said one in five of metro markets registered home price declines in the second quarter.
NAR reports 5% of metro markets still recorded double-digit annual price gains in the second quarter, down from 11% with annual gains of 10% or more in the first quarter of this year.
Among metros with single-family existing home price gains, the average annual gain last quarter was 1.7%.
鈥淗ome prices have been rising faster in the Midwest, due to affordability, and the Northeast, due to limited inventory,鈥� said NAR chief economist Lawrence Yun. 鈥淭he South region 鈥� especially Florida and Texas 鈥� is experiencing a price correction due to the increase in new home construction in recent years.鈥�
Eight of the 10 most expensive housing markets in the second quarter were in California, led by San Jose, with a median selling price of $2.1 million, up 6.5% from a year ago. The metro with the largest annual price gain in the second quarter was Toledo, Ohio, up 10.5%.
NAR鈥檚 full second quarter report is .
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