Home Sales Fall in March

Chicago–Existing-home sales dropped slightly in March, and the national median existing-home price was $200,700, down 7.7 percent from a year ago–the second largest year-to-year drop, the Chicago-based National Association of Realtors said Tuesday.Sales of existing single-family homes and condominiums fell by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units, the New York Times reports.The typical March home sale price rose slightly from February’s median price of $195,600. Compared with a year ago, sales were down 19.3 percent.Sales should start to improve in the second half of this year because of the increased availability of Federal Housing Administration-backed loan and higher jumbo mortgage limits, according to Lawrence Yun, chief economist for the Realtors.