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Area home prices still rising

Mon, Aug 17th 2009 12:00 am
Single-family-home prices jumped 6.7 percent in the Buffalo area in the second quarter, one of only 26 markets across the nation to report a year-over-year increase.

The National Association of Realtors, which issued its report Wednesday on 155 metropolitan areas for the period of April-June, said median prices in the Buffalo-Niagara Falls area climbed to $115,400, up from $108,200 last year.

Only a handful of other U.S. cities had a higher year-over-year increase than Buffalo. The largest single-family-home price increase was in the Davenport-Moline-Rock Island area of Iowa and Illinois, where the median price of $113,200 reflected a 30.6 percent increase from a year ago, NAR figures indicated. Next was the Cumberland area of Maryland and West Virginia, at $123,500 - up 21.7 percent from the second quarter of 2008 - followed by Elmira, where the median price increased 11.3 percent, to $85,000.

In other Upstate New York markets, median prices were down in Albany ($189,400, -4.5 percent) and Binghamton ($117,700, -2.6 percent). Values were flat in both Rochester ($119,100) and Syracuse ($124,000) from the second quarter of last year.

Nationwide, the median price in the second quarter was $174,100, down 15.6 percent from

"The sharpest price declines continue to be concentrated in metros with high levels of foreclosures, including areas in California, Florida, Arizona and Nevada, where distressed homes comprise many of the transactions," said Lawrence Yun, NAR's chief economist.

Median second-quarter metro-area prices for single-family homes ranged from $55,700, in the Saginaw area of Michigan, to $569,500, in Honolulu.