By Michelle E. Shaw

The Atlanta Journal-Constitution

9:32 p.m. Wednesday, August 12, 2009

The median sale price of a single-family home in metro Atlanta rose from the first quarter to second quarter of the year but remained well below year-ago levels, the National Association of Realtors says.

The median price was $121,400 in the three months that ended June 30, up 5 percent from $115,600 in the three months ended March 31. The current median price is 23 percent lower than it was this time last year, $158,300, according to figures released Wednesday by the association.

The median is the mid-point for all sales; half of homes sold were priced higher, and half were priced lower. A rise in foreclosures and other distress sales, coupled with a slow market for mid- and upper-price sales, depresses the median.

Though the price is still down year-over-year, quarterly improvement is progress in the right direction, housing analysts say.

“The real key will be year-over-year increases, but the quarterly movement shows things are moderating,” said Steve Palm, president of the Marietta real estate research firm SmartNumbers. “The numbers have been edging up since February, and quarterly progress is good to see.”

Nationally, 129 out of 155 metropolitan statistical areas saw second-quarter declines in median existing single-family home prices, compared to same period the year before. Twenty-six areas had price gains.

Median sale prices are lower than typical home valuations in many parts of the metro area because of market conditions.

“Recently sold homes are concentrated in lower price ranges,” said Lawrence Yun, chief economist for the Realtors’ association. “The median price may not be representative of overall values in a given area because many middle priced homes are not on the market.”

Foreclosures and sales for less than the loan value accounted for 36 percent of transactions across the country in the second quarter, according to the association. The national median existing single-family price was $174,100, down 16 percent from the second quarter of 2008, the release said.

Sales volume, declined 4 percent in Georgia in the second quarter from the first, and 5 percent year over year, according to the report. But 39 states had sales increases from the first quarter, and nine had year-over-year improvements, the association said.