Erie’s real estate market has always been known for slow and steady growth, usually holding its own in tough times.

The first three months of this year have shown another side to the market, which was recognized for some of the fastest rising prices in the nation during the first quarter of 2012.

Real estate prices in Erie County were up 16.6 percent as compared to the same quarter of 2011, according to the June edition of Broker Insider.

That placed Erie third on the list of markets with growing prices behind Cape Coral, Fla., at 28.1 percent and Grand Rapids, Mich., at 19 percent.

Among the 146 metropolitan areas tracked by the National Association of Realtors, prices rose in 74 markets and fell in 72 markets.

The largest decline was in Kingston, N.Y., where home prices fell 22 percent.

Broker Insider quotes Lawrence Yun, chief economist for the association.

“Home prices are more volatile than normal because of sudden upswings in buyer activity in some localities, and also are affected by the prevalence of distressed sales,” he said.