Median Home Price – Biggest Decline on Record!

The National Association of Realtors said Tuesday that existing home sales edged up 0.5 percent to a seasonally adjusted annual rate of 6.24 million last month. It was the first increase after seven consecutive monthly declines.

But, the median price for a home sold dropped to $221,000 in October, a decline of 3.5 percent from a year ago. That was the biggest year-over-year price decline on record.

This marked the third straight month that median prices have fallen compared with the same period a year ago, the longest stretch of such declines on record.

San Diego condos

[tags] housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]