Boston-area single family home sales prices for the third quarter dipped year over year, according to figures released by the National Association of Realtors. Nationwide, home prices fell in a record four out of five cities as foreclosures flooded the market.
For the Boston area, which includes Cambridge and Quincy as well as New Hampshire, the median home sale price in the third quarter saw a 10 percent decline — to $373,400 from $414,700 in the third quarter last year.Compared with the second quarter, however, prices increased by roughly 2 percent. The median sales price in the second quarter was $366,100. The median price is where half of the homes sold for more and half sold for less.
Of 152 metropolitan areas surveyed by the Realtors association, 120 posted year over year declines in median home sale prices for the third quarter. Four metropolitan areas posted no changes, and 28 areas saw increases.
Meanwhile, existing home sales fell in 32 states from the second quarter. In Massachusetts, sales in the third quarter were down 3.4 percent from the second quarter and 8.9 percent from a year ago, according to the association.
Distressed sales — foreclosures and short sales — accounted for 35 percent to 40 percent of transactions in the third quarter, pulling down the national median existing single-family price to $200,500, which is 9 percent lower than the third quarter of 2007, according to the Realtors association. A year ago, when there were significantly fewer distressed transactions, the median price was $220,300.