Decemberexistinghomes

- Existing home sales decreased in 2008 compared to 2007, with 4.912 million homes sold nationwide. Sales were down across all regions of the country. - The median sales price of existing homes declined 15.3% nationally from 2006 to 2008, with prices falling over 7% in the Northeast, 11.4% in the Midwest, 8% in the South, and 31.5% in the West. - Inventory levels and months of supply remained high in 2008, indicating a slow market with more homes on the market than buyers.