Home sales decrease 2% in March

WASHINGTON - Sales of existing homes fell in March, the seventh drop in eight months, as the spring sales season got off to a rocky start.

The median price of a home was down versus a year ago, and some economists predict prices could keep falling for many more months given all the troubles weighing on housing, from a credit crunch to rising foreclosures.

The National Association of Realtors said yesterday that sales of existing single-family homes and condominiums dropped 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 drop of 7.7 percent from a year ago and the seventh straight year-over-year drop.