Existing home sales take dip in March

The National Association of Realtors said sales of existing single-family homes and condominiums dropped by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units.

The median price of a home sold last month was $200,700, a decline of 7.7 percent from the median price a year ago. That was the second-biggest year-over-year price decline following a record 8.4 percent drop in February. The records go back to 1999.

It marked the seventh consecutive year-over-year drop in prices, although the March sales price was up slightly from a February median price of $195,600. Economists prefer to compare the prices on a year-over-year basis because, unlike sales, the monthly prices are not adjusted for normal seasonal variations.

The March sales decline, which was in line with expectations, followed a 2.9 percent increase in sales in February. The February rise, which followed six straight monthly declines, had raised hopes that the steep housing correction could be hitting bottom.