Realtors report that markets are still softening
By Les Christie, CNNMoney.com staff writer
May 15 2007: 2:07 PM EDT
NEW YORK (CNNMoney.com) -- U.S. home prices fell for their third straight quarter, according to an industry report released Tuesday.
The median price of a single-family home fell 1.8 percent to $212,300 for the three months ended March 31, compared with the first quarter of 2006, according to the National Association of Realtors (NAR).
It was the third consecutive quarter of decline, and prices are now down 6.5 percent from their peak of $227,100 in 2006.
The home price report revealed a broad but shallow pattern with prices declining over every region but by no more than 2.8 percent, which occurred in the Midwest.
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