In what some are calling the first housing median price drop since the Great Depression (records don't exist to accurately go back further than the last 1960s), housing sales were down 13% in 2007 - the biggest dip in 25 years. While the percentage drop from 2006 to 2007 was small (1.4%), the pain felt is greater because prices fell dramtically in late 2007. For December, the median price fell a record 6% to $208,400. The median price in 2006 was $221,900.
For more, check out the following article:
Home Sales Plummeted 13% in 2007 - USA Today
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