Fourth quarter home sales gains were recorded in most states with many more metro areas seeing prices increase compared to a year earlier, The National Association of realtors said Thursday.

According to the latest survey conducted by the National Association of Realtors, sales increased from the third quarter in 48 states and District of Columbia. Double digit gains were recorded in 32 states and D.C. while 49 states recorded higher year over year sales.

Existing-home sales which include single-family homes and condominiums increased 13.9 percent to a seasonally adjusted annual rate 1 of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and 27.2 percent higher than the 4.74 million-unit level in the fourth quarter of 2008.

Regionally

Total existing-home sales in the Northeast increased 11.1 percent to an annual rate of 1.03 million in the fourth quarter of 2009. This is 33.6 percent higher than previous year’s fourth quarter. The median existing single-family home price in the Northeast fell to $234,900 in the fourth quarter, 5.6 percent in lower than the same quarter in 2008.

“In the Northeast, markets with lower median prices that have avoided wide swings, such as Buffalo, are generally showing consistent price gains,” Yun said. “Even so, some of the higher cost areas are showing signs of stabilization, such as Nassau-Suffolk, N.Y., and Boston.”

In the Midwest, existing-home sales surged 14.5 percent in the fourth quarter to a pace of 1.38 million and are 29.9 percent higher compared to a year ago pace. The median existing single-family home price in the Midwest increased 1.1 percent to $141,100 in the fourth quarter from the same period in 2008, with the region accounting for the majority of metro areas experiencing double-digit gains.

Yun said markets with high unemployment rates in Ohio and Michigan experienced large price swings. “Big price gains in many Midwestern areas are due to a more normal range of home sales in contrast with predominately foreclosed sales a year ago,” he said.

Existing home sales in the South increased 13.8 percent in the fourth quarter to a pace of 2.23 million and are 28.2 percent higher than the fourth quarter of 2008. The median existing single-family home price in the South was $153,000 in the fourth quarter, down 2.4 percent from a year earlier.

“Affordable markets in the South that have relatively better local economies are seeing healthy price gains, such as Houston, Oklahoma City and Shreveport, La.,” Yun said.

In the West, existing home sales increased 16.2 percent in the fourth quarter to an annual pace of 1.38 million and are 18.2 percent higher than a year ago level. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent lower than the fourth quarter of 2008, but with many areas showing notable gains.

“Markets in the West such as San Francisco, San Jose and Denver are showing double-digit price increases, and other markets like San Diego and Anaheim have begun to firm up,” Yun said.

Prices by property type:

In the condo sector, metro area condominium and cooperative prices registered price changes in 54 metro areas where national median existing-condo price fell to $177,300 in the fourth quarter, or 4.8 percent below fourth quarter of 2008’s prices. Median condo prices in eleven metros showed increases from a year ago while 43 areas had declines; in the third quarter only four metros experienced annual price increases.

The national median price for single-family homes was $172,900 in the fourth quarter registering a decline of 4.1% from a year earlier. That was the smallest decline in more than two years.

Among metro areas showing the biggest gains from a year ago levels were Cleveland (25%), Akron, Ohio, (23%) and San Francisco (13%). Those increases don't denote a general surge in home values but rather show that sales of foreclosed homes at fire-sale prices made up a smaller percentage of overall sales than they did a year earlier.