Midwest home sales fall 18 percent in February

Existing home sales in the 12-state region slid 18 percent from February last year, according to the National Association of Realtors. The median price in the Midwest declined 8 percent to $131,000 — the second-smallest drop of any region.

By contrast, nationwide home sales slipped 10 percent from a year ago, without adjusting for seasonal factors, while prices tumbled almost 16 percent to $165,400.

Home sales fell in 11 of 12 major Midwestern cities with seven of those plummeting by more than 20 percent from prior-year levels, according to The Associated Press-Re/Max Monthly Housing Report, also released Monday. The survey includes all home sales recorded in the metropolitan statistical area by all local agents, regardless of company affiliation.