Home sales prices have fallen 5.5 percent in the 12-month period ending with March 2011, according to Federal Housing Finance Agency data released today. When adjusted for inflation, the drop in home prices equaled 8.1 percent.
The agency measured a 2.5 percent decline in home prices in the first quarter of 2011 from the fourth quarter of 2010.
“House prices in the first quarter declined in most parts of the country,” said Edward J. DeMarco, FHFA acting director. “In many local real estate markets, particularly those hit hard by this cycle, foreclosures and other distressed properties are still a key factor in recorded and anticipated future sales and may be delaying price stability or recovery.”