NAR - "Metro Home Prices Transition in Second Quarter" (8-15-06)

"Appreciation in existing single-family home prices cooled to single digit rates in most metropolitan areas during the second quarter, while metro area condo prices were essentially flat in comparison with a year ago, according to the latest survey by National Association of Realtors^®."

"The association’s second-quarter metro area single-family home price report, covering changes in 151 metropolitan statistical areas,* shows 37 areas with double-digit annual increases and 26 metros experiencing generally minor price declines – many of the areas with declines are showing weakness in the local labor market."

"David Lereah, NAR’s chief economist, said a market transition is apparent. 'With more sellers competing for the pool of buyers, the pressure on home prices has evaporated in most metro areas,' he said. 'After a full year of double-digit gains in the national median price, the timing is right for a cooling in the rate of growth – we are presently experiencing a soft landing in the housing sector.'"