Existing-Home Prices Reach Nine-Year Low

Existing-home median prices fell 5.2 percent in February to a nine-year low of $156,100, according to the National Association of Realtors. The trade group also said that existing-home sales fell 9.6 percent to an annual rate of 4.88 million. The current sales rate is 2.8 percent below the 5.02-million pace from February 2010.

Single-family home sales fell 9.6 percent to an annual rate of 4.25 million in February from 4.70 million in January, and were 2.7 percent below the 4.37 million pace of February 2010. The median existing single-family home price was $157,000 in February, which is 4.2 percent below a year ago.

"Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers," said Lawrence Yun, NAR chief economist.