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NAR: Median resale price falls at record rate

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The National Association of Realtors reported today that 28 of 149 U.S. metro areas tracked had double-digit percentage declines in median resale single-family home prices in the first quarter compared to first-quarter 2007, and the overall median price dropped at a record annual rate. One hundred of the metro areas had price declines, according to the report, while prices rose in 48 metro areas and remained flat in Honolulu. Nationally, the median price among those metro areas tracked was $196,300, down 7.7 percent compared to first-quarter 2007. That compares with a 5.8 percent year-over-year price decline in the fourth quarter, when prices fell in 77 of 150 reporting metro areas. The year-over-year U.S. median rice drop was the steepest since NAR began tracking metro prices in 1979. Sales of resale single-family homes and condos experienced double-digit percentage drops in all but eight states in the first quarter compared to the same quarter last year, with sales rising...