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April 22, 2011

Home sales fall 21% in March

By The Mainebiz News Staff

Home sales fell 21% in March compared to the same month last year, and the median sales price also dropped 3%.

A total of 646 existing single-family homes were sold last month, down from 815 in March 2010, according to The Associated Press. The median sales price fell from $164,900 to $159,700. Maine Association of Realtors' President Mike LePage said the decrease was not a surprise, as last year's sales were buoyed by the federal homebuyer tax credits. Home sales for the first three months of 2011 were down 7% from the same period last year, while the median sales price inched down less than 0.5%.

Nationally, existing home sales fell 6.3% in March from the same month last year, and the median sales price dropped 5.9% to $159,600, according to the National Association of Realtors.

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