Existing home sales nationwide down in March

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Nationwide sales of previously owned homes were down 7% in March from a year ago, National Assn. of Realtos reports today. The median price for the 4.1 million homes sold in March was $177,600, down 18.7% from the same month a year ago.

The West, however, appears to be a bit ahead of the national curve, perhaps because prices fell earlier and more severely here. Low prices certainly have been driving sales up in Southern California, where the median price of $250,00, according to DataQuick, is about half its peak level.

NAR says sales in March were up 19% in the West over March 2008, while the median price last month of $252,000 is 11% below the same month a year ago.

-- Peter Y. Hong