The Real Deal Miami

U.S. existing home sales rise, but price drop sets record 

March 25, 2008 11:13AM

Sales of existing U.S. homes rose last month for the first time since
July, while prices dropped a record amount for a 12-month period. The
National Association of Realtors reported that sales of used homes rose
2.9 percent in February. The trade group reported that median prices
fell 8.2 percent from a year ago to $195,900, the biggest drop since it
began record-keeping in 1968. Inventory fell by 3 percent to a supply
of 9.6 months, the smallest since August but still a high level.