National home price decline in 2007 called first drop since Great Depression
Existing home prices declined nationally in 2007 - likely the first drop in median home prices since the Great Depression.
It is the first annual drop in existing home prices since the National Association of Realtors began collecting data in 1968. But NAR spokesman Walter Molony said academic sources say it is the first annual drop since the Depression.
For all of 2007, the median price of existing homes in the U.S. came in at $218,900 — down 1.4 percent from $221,900 in 2006.
The numbers illustrate the continued housing slump in the U.S. and markets such as Phoenix, Las Vegas, Southern California and Miami.
Courtesy of PITTSBURGH BUSINESS TIMES 1/24/2008