In the second quarter, 97 out of 149 metropolitan statistical areas show year-over-year increases in median existing single-family home prices, including nine areas with double-digit annual gains; 50 had price declines; and two were unchanged. In the first quarter of 2007, revised data shows 83 areas had annual price increases, while in the fourth quarter of 2006 only 68 areas were up.

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.91 million units in the second quarter, down 10.8 percent from a 6.63 million-unit pace in the second quarter of 2006. Six states showed increases in the sales pace from a year ago; one was unchanged and complete data for two states were not available.

The national median existing single-family home price was $223,800 in the second quarter, down 1.5 percent from the second quarter of 2006 when the median price was $227,100. The median is a typical market price where half of the homes sold for more and half sold for less, but there has been a downward skew in the national comparison because sales have declined in many high-cost areas and risen in some lower cost markets.

?EUR??,,????'??Since all real estate is local, this report on metro area home prices is more meaningful than our monthly data on national prices because metro areas are less subject to price distortion that can result from geographic changes in the composition of sales,?EUR??,,????'?? Lawrence Yun, NAR senior economist, said.

The best total sales performance was in Wyoming, where existing home sales rose 10.8 percent from the second quarter of 2006. In Iowa, the second quarter sales pace rose 4.1 percent from a year ago, while North Dakota experienced the third strongest gain, up 2.9 percent. Oklahoma, Indiana and Nebraska also posted annual sales gains.