Sale prices of single-family homes fell 7 percent in Atlantic, Cape May and Cumberland counties in the first quarter compared to a year ago, the National Association of Realtors said this morning.
The median sales price in the three-county region was $195,600, which was $14,500 less than the first quarter of 2013.
The median means half of homes sold for less, half for more.
In the U.S., prices increased in 125 out of 170 metropolitan statistical areas, the NAR said.
The national median price for a single-family home rose nearly 9 percent in the first quarter from one year ago, to $191,600, the NAR says.
The NAR’s regional metropolitan area groups Atlantic, Cape May and Cumberland counties.