US DATA: Q1 NAR Metro-area Report says median existing single-family
home prices rose in 74 of 146 areas (MSAs) based on closings YOY, while
72 areas had price declines. In Q4:2011 only 29 areas had gains. NAR
says most buyers have the necessary income to buy a home in their area,
assuming a favorable credit rating, but there are sudden up-swings in
some areas that are creating volatility. At the end of Q1 there were
2.37m existing homes available for sale, -21.8% YOY and downtrend has
been in place since 2007. More on MNI Main wire.