The AP recently put out a report based on results from the National Association of Realtors that stated that sales of existing single-family homes and condominiums dropped by 2% in March. The median price of a home sold in March declined nationwide by 7.7%, the second-biggest year-over-year price decline following a record 8.4% drop in February.

Martin Crutsinger, AP Economics Writer reports, “According to NAR, the Northeast was the country’s only region to experience a rise in median prices, which were up 4.6 percent compared with a year ago. Prices were down in all other regions of the country, dropping by 14.7 percent in the West, 7.1 percent in the South and 5.3 percent in the Midwest.”

According to statistics from MLS PIN taken April 22, 2008, the average price of homes sold in Boston from March 2007 to 2008 has risen 4.3%. This is in line with the results for the rest of the market and bode well for the Boston real estate market in general despite significant decay in home prices in some areas of the country.