The median price for single family homes rose in 91 of 152 major metro markets or nearly 60 percent of U.S. cities in the first quarter of this year compare to the same period in 2009 as what appear to be the start of a stabilizing home market.
Despite the increases particularly the double-digit price increases in 29 cities, median home prices fell 0.7 percent to $166,100 according to the National Association of Realtors.
Areas with double digit increased were lead by Akron, Ohio with 90.2 percent; Cleveland with 53.8 percent followed by and San Francisco with 28.9 percent.
The gains were attributed to the tax credits for homebuyers, according to NAR's chief economist, Lawrence Yun. "The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus," he noted.
Regionally, the Northeast registered the biggest gain at 9 percent while the West dropped 8.3 percent. The Midwest and South fell 0.8 percent and 1.1 percent respectively.