Used house prices fell in one-third of the country’s metropolitan areas in the 12 months ending in June, according to the National Association of Realtors. Home values fell so steeply in Michigan, Ohio, Florida and New Orleans that they dragged down the median price for the whole country.

From April through June this year, half the houses that were resold in the United States cost $223,800 or more. The median price during the same period in 2006 was $227,100. The $3,300 difference represents a 1.5 percent decline.

The Realtors divide the country into four regions. The median price in the Northeast rose 0.7 percent in the 12 months ending in June. Prices fell in the Midwest, South and West regions. The biggest drop was in the Midwest, where the median price declined 2.2 percent. The median price of a house in the Midwest topped out at $175,000 in the third quarter of 2005; since then, it has fallen 6.6 percent, to $163,500.

Bankrate - Study: Home prices fell in one-third of the country
By Holden Lewis

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