According to the US Commerce Department, nationally, sales of new homes slowed to their lowest level in 17 years in November, while new home prices dropped by the biggest amount in eight months.
The year-on-year decline in home sales in November – comparing it with November 2007 – was 35.3%.
In another report on housing, the National Association of Realtors said existing home sales fell 8.6 percent to an annual rate of 4.49 million in November, from a downwardly revised pace of 4.91 million in October. Also, this report showed the median sales price fell 13.2 percent in November to $181,300, from $208,000 a year ago. That was the biggest year-over-year drop on records going back to 1968 and probably the biggest drop since the Great Depression.
The sales weakness in November reflected a 16.4 percent drop in the Midwest and a 7.1 percent fall in the South. Sales were up 14.3 percent in the Northeast and 11 percent in the West.
Nationally, the National Association of Realtors estimates that sales of distressed properties made up 45 percent of all property sales in November.
Related prior posts:
San Diego Real Estate Recovery in 2009?
San Diego Home Values Drop Over 30%
Short Sales – A Great Deal For Buyers?
HOME PENDING SALES FALL
Home Renting vs. Home Owning
San Diego October Condo Prices
Other blogs on this topic:
Bubble Meter: Home sales plunged in November– Elsewhere Tuesday, the Commerce Department reported that U.S. new-home sales fell to their lowest level in over 17 years in November. … New home sales are 35.3% below their level in November 2007. … On Monday, federal regulators …
Realtors report monthly dip in home sales – Lansner on Real Estate …– The California Association of Realtors reported today that a dip in home sales last month may be a possible reaction to the economic meltdown. The ratio of home listings…
beSpacific: Existing-Home Sales Decline in Economic Uncertainty– News release: "Existing-home sales weakened against a backdrop of an eroding economy, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 …
Area Home Sales Fall Over 30% In November– Home sales in the Chicago area plunged 32.3 percent and the median price fell a record 15.9 percent in November from a year earlier, according to the latest report from the Illinois Association of Realtors. There were 3910 homes sold, …
Home sales worse than forecast – Kansas City Star– Weaker than expected November sales of new and existing homes were reported Tuesday, along with a big drop in prices.
California Association of Realtors report: Home sales up, home …– A new report shows mixed numbers on the LA housing market.
