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Mass. Median Home Price Drops Sharply in August

The median price of a single-family home in Massachusetts dropped 9 percent last month, to the lowest level for the month of August in six years.

The Warren Group, a Boston-based publisher of real estate data, reported on Tuesday that prices show no signs of recovering soon with the continued turmoil on Wall Street.

The median price was $323,000, down from $355,000 in August 2007. The Warren Group also says sales of single-family homes fell 14.6 percent to the lowest August level in 16 years.

The Massachusetts Association of Realtors, which uses slightly different methods, reported similar numbers.

The industry organization also said condominium sales were down more than 19 percent when compared to August 2007, although prices were up slightly.

This program aired on September 23, 2008. The audio for this program is not available.

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