October Home Sales Fall 9% in the Midwest

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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.