Home prices fell 6.6 percent in 1Q |
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Published
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Tue, 15 May 2007 15:43
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WASHINGTON (AP) - Existing home sales rose at an annual rate of 6.4 million units last quarter, down 6.6 percent from a year ago, the National Association of Realtors said Tuesday.In the trade group's quarterly survey of housing market conditions, existing home sales were 2.4 percent higher at an annual rate than they were in the last quarter of 2006.Fourteen states and the District of Columbia showed an increase in the rate of home sales last quarter compared to only six states showing gains a quarter earlier.The national median existing single-family home price was $212,300, down 1.8 percent from a year ago when the median price was $216,100. The median is a typical market price where half the homes sold for more and half the homes sold for less.'It appears the worst of the price correction is behind us,' said Pat V. Combs, NAR's president and vice president of Coldwell Banker-AJS-Schmidt in Grand Rapids, Mich.At least part of the decline in the median prices of homes in the United States is because sales have shifted away from more expensive homes.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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