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| Home Prices Drop  The U.S. housing market in August showed a decrease, as the median sales price of existing homes fell for the first time in 11 years the National Association of Realtors said Monday. Home sales went from 6.33 million units to 6.30 million in July. The median sales price fell 1.7% year over year in August. Sales of existing homes fell 0.5% in August. Sales have fallen five months in a row. Sales are down 12.6% in the past year. Realtors said the price decline shows the market is stabilizing, but other economists said the correction has a ways to run.It was the first time since April 1995 that median prices had fallen on a year over year basis. It was the second-largest decline in the 38 year history of the Realtors survey, exceeded only by a 2.1% drop in November 1990. Prices have been rising at an annual rate of 7.5% over the past five years. The deceleration has been the fastest in the history of the survey. write your comments about the article :: © 2006 Construction News :: home page |