CHICAGO–The median sales price of previously inhabited homes dropped 2.6 percent in February, down to $195,900 from $201,100 in January, after seasonal adjustments. When compared with February 2007, the new price is 8.2 percent lower. This is the third month in a row that prices have declined, and the seventh decline within the past 12 months.
According to the National Association of Realtors, which released the monthly data this morning, actual sales of used or existing homes moved up 2.9 percent to 5.03 million units on an annually adjusted basis. But that number of homes was still nearly 24 percent lower than those sold a year ago.
In a statement accompanying the new data, the association said that the sales price “slowdown” was greater in areas where housing prices are generally high. By contrast, it said, nearly half of U.S. metropolitan areas showed sales price increases over the year.