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NAR: Median resale home price falls 12.4%

Real estate brief
Published on Apr 23, 2009

The median sales price of resale homes dropped 12.4 percent and the annual sales pace of resale homes was down 7.1 percent year-over-year in March, the National Association of Realtors reported today. The median price of resale homes was $175,200 in March. The seasonally adjusted annual rate of sales in March -- a projection of that month's sales total over a 12-month period -- slipped 3 percent compared to the previous month. The median price of single-family resale homes dropped 11.5 percent from March 2008 to March 2009, while the median price of condos and co-ops sank 18.7 percent during that span, NAR reported (see chart). The sales pace of single-family resale homes sank 2.8 percent from February to March and dropped 5.7 percent year-over-year in March, compared with a 4.1 percent monthly drop and a 17.8 percent year-over-year drop in the sales rate for resale condos and co-ops. The months' supply of all resale homes rose 1 percent from February to March -- to 9.8 mon...

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