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by CareyBot

The national median existing single-family home price dropped 1.8 percent to $212,300 in the first quarter compared to first-quarter 2006, the National Association of Realtors trade group announced today, while the sales rate slipped 6.6 percent. Prices dropped 2.8 percent in the Midwest, 2.5 percent in the Northeast, 1.8 percent in the West and 0.6 percent in the South in first-quarter 2007 compared to the same quarter last year. The median is a typical market price where half of the homes sold for more and half sold for less. The largest metro-area price drops in the first quarter compared to first-quarter 2006 were in Elmira, N.Y., down 14.9 percent; followed by Sarasota-Bradenton-Venice, Fla, down 12 percent; New Orleans-Metairie-Kenner, La., down 10.9 percent; Reno-Sparks, Ne...