U.S. Existing Home Sales Fall In 2nd Quarter

U.S. existing home sales fell 11 percent in the second quarter compared to the second quarter in 2006, the Associated Press reported August 15, 2007.

"Nationwide median home prices dropped 1.5 percent to $223,800 from $227,100 in the same quarter last year. The median price is the point at which half the homes sold for more and half for less."

The data came from the National Association of REALTORS® (NAR). The REALTOR® group's data also showed that the San Francisco Bay Area was the most expensive region of the country, with median prices of $865,000 for San Jose and $846,000 for San Francisco.

Bucking the national trend, the Salt Lake City and Binghamton, N.Y. areas actually saw price gains of nearly 20 percent for single-family homes. On the other hand, the Elmira, N.Y. and Melbourne, FL areas had price declines of 15 percent or more.

Read The Associated Press Article