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by CareyBot

The rate of existing-home sales fell 11.3 percent and the median price dropped 0.3 percent in March compared to the same month last year, the National Association of Realtors reported today. Existing-home sales -- including single-family homes, townhomes and condominiums -- fell to a seasonally adjusted annual rate of 6.12 million in March, down 8.4 percent compared to February. This was the largest month-over-month decline since January 1989, when home sales fell 12.6 percent compared to the prior month. But the Realtor group notes that year-over-year change is more statistically meaningful than month-to-month comparisons. The seasonally adjusted annual rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal variations in sales activity. "Un...