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The March sales rate for resale homes dropped 19.3 percent and the median resale home price fell 7.7 percent compared to the same month last year, the National Association of Realtors trade group reported today. Sales of resale homes, including single-family homes, townhomes, condominiums and cooperatives, dropped to a seasonally adjusted annual rate of 4.93 million in March. This rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. Sales activity declined 2 percent in March compared to February. Regionally, the median price last month dropped 14.7 percent in the West, fell 7.1 percent in the South, dropped 5.3 percent in the Midwest and rose 4.6 percent in the Northeast year-over-year. The rate of resale home sales dropped 18.8 percent in the Northeast, 22.3 percent in the West, 20 percent in the South and 15.9 percent in the Midwest in March compared to March 2007. The rate of sales for sin...