Median home prices rise in nearly two-thirds of of US metropolitan areas in second quarter

Median home prices up in 2Q for most US cities

WASHINGTON — Home prices rose in nearly two-thirds of U.S. cities in the second quarter of this year as buyers took advantage of tax incentives.

The National Association of Realtors says the median sales price for previously occupied homes rose compared with last year in 100 out of 155 metropolitan areas tracked in the April-to-June quarter. That compares with 91 out of 152 cities in the January-to-March quarter. Fourteen cities had double-digit price increases.

Most experts believe these gains will fade as the economic recovery weakens. They expect prices to turn downward,

The national median price in the second quarter was $176,900, up from $174,200 in the same quarter last year and up from $166,400 in the January-March period.