Mass. home prices drop 4% as sales fall

The Boston Globe reports:

The price of single-family homes in Massachusetts dropped by 4 percent in May as property values reacted to the statewide downturn in sales.

The median price fell to $331,000, from $344,700 in May 2005, according to the monthly housing sales report by Warren Group, a Boston real estate research and publishing firm. House sales declined for a fifth consecutive month, falling 5.1 percent last month, to 5,208 units, compared with 5,488 a year ago, Warren Group said.

Prices lower than last year.This makes sense in a state that's losing population.