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

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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. 

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