Industry NewsMarkets & Economy

Median U.S. home price falls 15.3%

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The pace of existing-home sales rose 6.5 percent in December compared to the previous month but was down 3.5 percent compared to December 2007, the National Association of Realtors reported today, and the median price of resale homes dipped for the sixth straight month. The median price of U.S. resale homes was $175,400 in December, down 15.3 percent compared to December 2007. Regionally, the median price dropped 31.5 percent in the West, 11.4 percent in the Midwest, 8 percent in the South and 7.8 percent in the Northeast in December compared to the same month last year. The seasonally adjusted annual rate of resale home sales -- which is a measure of a monthly sales rate projected over a 12-month period and adjusted to account for typical seasonal fluctuations in sales activity -- jumped 31.6 percent in the West while falling 14.3 percent in the Northeast, 11.2 percent in the South and 10.3 percent in the Midwest year-over-year in December. The estimated supply of resale ...