Home Prices Fell Another 2% in Third Quarter

The median price for a U.S. single-family home slid 2 percent in the third quarter from a
year earlier and prices fell more than 3.5 percent in cities in the South and West, a leading real estate trade group said.

The quarterly survey from the National Association of Realtors also showed that the rate of existing home sales fell in 46 states from a year ago.

The median existing single-family home price dropped to $220,800 from the third quarter of 2006 when the median price was $225,300.

Home prices fell most sharply in cities in Florida, California, Arizona and Nevada. Single-family home prices rose 3.2 percent in metro regions in the Northeast.

Across the nation, median existing single-family home prices increased in 93 out of 150 metro regions from a year earlier, NAR said.