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by CareyBot

The median price of single-family resale homes sank in 88 percent of the 153 U.S. metro areas tracked in fourth-quarter 2008 compared to the same quarter in the previous year, the National Association of Realtors reported today, with the most extreme drops reported in metro areas in Florida, Michigan, California and Arizona. Sales of all resale homes increased in six states year-over-year in the fourth quarter, the Realtors trade group also reported, with home sales falling 5.9 percent year-over-year in the fourth quarter and dropping 6.4 percent compared to third-quarter 2008. The U.S. median price for single-family resale homes dropped 12.4 percent year-over-year in the fourth quarter, and fell 10.1 percent from third-quarter 2008 to fourth-quarter 2008 (from $200,400 to $180,...