NAR: Median resale price falls at record rate

Hefty year-over-year declines reported in 28 metros in Q1

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.