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NAR: Home prices fall further in Q2

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NAR reports price declines in 77% of tracked metros The median price of resale homes in 115 of 150 U.S. metro areas tracked by the National Association of Realtors had year-over-year price declines in the second quarter. The median existing single-family home price dropped 7.6 percent in the second quarter compared to the same quarter last year, falling from $223,500 to $206,500, NAR reported. Total sales of resale homes, including single-family and condo sales, hit a seasonally adjusted annual rate of 4.91 million units in the second quarter, down 16.3 percent compared to the pace for the same quarter last year. Sales jumped 17.9 percent year-over-year in the second quarter in Nevada and 3.7 percent in California but fell in all other states for which NAR reported data. The steepest year-over-year decline in single-family home price in the second quarter was reported in the Sacramento, Calif., area, at 35.6 percent. The Cape Coral, Fla., area was next, with a 33.1 perce...