Median Home Prices Fall for 3Q in Most US Cities

WASHINGTON (AP) - Home prices dropped in nearly three quarters of U.S. cities over the summer, dragged down by a decline in buyer interest and a high number of foreclosures.

The National Association of Realtors says the median price for previously occupied homes fell in the July-September from the same period last year in 111 out of 150 metropolitan areas tracked by the group.

Fourteen cities had double-digit declines. The median price in Mobile, Ala. dropped 17.7 percent, the biggest of all cities tracked.

Eight cities saw double-digit price increases. The largest was in Grand Rapids, Mich., where the median price rose 23.7 percent.

The national median price in the third quarter was $169,500. That's up 0.2 percent from $169,100 in the second quarter.

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