|
May 13th, 2008
Posted: 11:14 AM ET
NEW YORK (CNNMoney.com) — Single-family home prices dropped 7.7 percent in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982. The median sales price fell to $196,300, down 4.8 percent compared with the last three months of 2007. Sun-Belt cities were among the biggest losers. In California, Sacramento prices plummeted 29.2 percent to $258,500 compared with last year and Riverside prices fell 27.7 percent to $287,100. Prices in Las Vegas, Nevada, fell 20.2 percent to $247,600 and those in Phoenix, Arizona, dropped 15.4 percent to $222,200. Midwestern cities, hard hit by factory closings, also suffered huge losses with Lansing, Michigan, prices falling 26.9 percent. –By CNNMoney.com’s Les Christie
|
New on the CNN Wire
|
|
CNN Comment Policy: CNN encourages you to add a comment to this discussion. You may not post any unlawful, threatening, libelous, defamatory, obscene, pornographic or other material that would violate the law. Please note that CNN makes reasonable efforts to review all comments prior to posting and CNN may edit comments for clarity or to keep out questionable or off-topic material. All comments should be relevant to the post and remain respectful of other authors and commenters. By submitting your comment, you hereby give CNN the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying information via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNN Privacy Statement.
|
|