Existing-Home Prices Fall in Quarter
WASHINGTON — Prices of existing homes fell in most of America’s largest cities, including major California cities, during the first quarter, while sales slumped in 31 states, a real estate trade group said Tuesday.
In another report, the Federal Reserve said that consumer borrowing fell for a fourth consecutive month in March, restraining spending to a degree not seen since 1980, when credit controls were in place.
The National Assn. of Realtors said prices of single-family existing homes dropped in more than a third of the 121 U.S. metropolitan areas, compared to the January-March period of 1990.
Lower prices are new to most areas. Prices appreciated regularly through the last decade, peaking nationally in mid-1980.
In Los Angeles, the median price of an existing home fell 3.6% to $203,900, and neighboring Anaheim-Santa Ana was down 2.5% to $237.600, according to the California Assn. of Realtors.
The trade group also reported that total first-quarter sales of existing single-family detached homes in California were down 23.3% from a year earlier.
The Boston area posted the biggest quarterly price decline. The median price of existing homes in Boston dropped 8.7% to $161,900.
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