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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

 


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