| Home prices fall 3 and half percent in year { October 2006 } Original Source Link: (May no longer be active) http://www.breitbart.com/news/2006/11/28/D8LM52N80.htmlhttp://www.breitbart.com/news/2006/11/28/D8LM52N80.html
Existing Home Sales Rise, Prices Fall Nov 28 10:09 AM US/Eastern
By MARTIN CRUTSINGER AP Economics Writer
WASHINGTON
Sales of existing homes posted a tiny increase in October, the first gain in eight months, but the median price of homes sold last month fell by a record amount.
The National Association of Realtors said Tuesday that existing home sales edged up 0.5 percent to a seasonally adjusted annual rate of 6.24 million. It marked the first sales increase since February.
However, the median, or midpoint, price for a home sold dropped to $221,000 in October, a decline of 3.5 percent from a year ago. That was the biggest year-over-year price decline on record. It marked the third straight month that home prices have fallen compared to the same period a year ago, the longest stretch of such declines on record.
Copyright 2006 The Associated Press.
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