A lender foreclosure sign is seen in front of a house, Thursday, July 24, 2008, in Shaker Heights, Ohio. Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades. (AP Photo/Tony Dejak)
Existing home sales in the Midwest fell 9 percent in October compared with a year ago as consumers got increasingly nervous about the sinking economy and the woes of Detroit's automakers.
The National Association of Realtors said today that the median sale price in the region slid 6.7 percent to $149,400.
Nationally, by comparison, home sales fell less than 1 percent, without adjusting for seasonal factors. The U.S. median price, however, tumbled 11 percent to $183,300.
The Associated Press-Re/Max Monthly Housing Report, also released today, provided more grim news.
The median sales price fell compared with last year in nine cities in the AP-Re/Max report. Two smaller cities bucked that trend. In Wichita, Kan., prices rose 10 percent to a median of $127,000, while in Omaha, Neb., they were up 2 percent at $143,000.
(Copyright 2008 by The Associated Press. All Rights Reserved.)