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August 30, 2014, 1:11 am
970 WMAY News

Foreclosures Drag Down Median Home Sale Prices In Springfield


Sales of foreclosed homes have led to a sharp dropoff in local home prices, according to the Capital Area Association of Realtors. 

 

The Association says the median home sale price last month was down more than 20-percent from the same period a year earlier… dragged down by the low prices being paid for “distress sales” of foreclosed homes. 

 

But the Association says the picture is not as bleak as it appears… once foreclosed homes are factored out of the equation, median prices were actually up more than three-percent last month compared to 2012.

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