Industry News

Existing-home prices fall in February

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Existing-home sales and prices dropped in February compared to the same month last year, the National Association of Realtors trade group reported today, while rising since January 2007. The median price of existing homes fell 1.3 percent in February to $212,800 compared to the median price in February 2006, and the average price dropped 0.4 percent, to $260,100. Sales reached a seasonally adjusted annual rate of 6.69 million in February, a 3.6 percent drop compared to February 2006 and a 3.9 percent rise compared to January 2007. This rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. The January-to-February sales increase was the largest monthly rise in three years, the Realtor group reported -- sales rose 3.9 percent from February to March in 2004. And the February sales rate was the highest since April 2006, when the rate reached 6.71 million. David Lereah, NAR's chief economist, said in a statement...