The median sales price of resale homes dropped 12.4 percent and the annual sales pace of resale homes was down 7.1 percent year-over-year in March, the National Association of Realtors reported today. The median price of resale homes was $175,200 in March.

The seasonally adjusted annual rate of sales in March — a projection of that month’s sales total over a 12-month period — slipped 3 percent compared to the previous month.

The median price of single-family resale homes dropped 11.5 percent from March 2008 to March 2009, while the median price of condos and co-ops sank 18.7 percent during that span, NAR reported (see chart).

The sales pace of single-family resale homes sank 2.8 percent from February to March and dropped 5.7 percent year-over-year in March, compared with a 4.1 percent monthly drop and a 17.8 percent year-over-year drop in the sales rate for resale condos and co-ops.

The months’ supply of all resale homes rose 1 percent from February to March — to 9.8 months — but was down 2 percent year-over-year in March, according to NAR. The months’ supply is a measure of how long it would take to sell off the supply of resale homes at the March sales pace. The March supply was 9.3 months for resale single-family homes and 14.7 months for condos and co-ops.

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