Home Prices Falling in September

Home Prices Falling in September

Sales of existing homes fell for a sixth straight month in September and the median sale price dropped on an annual basis by the largest amount on record, further evidence of a soft housing market.

The National Association of Realtors said sales of previously owned homes fell 1.9% in September to a seasonally adjusted sales pace of 6.18 million units, slowest sales rate since January 2004.

The median price of a single-family home fell to $219,800 last month, a drop of 2.5% from the median price in September 2005. That was the biggest year-over-year price decline in records going back nearly four decades.

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