Industry News

Realtors report drop in existing-home sales, prices

Median home price rides 4-month downtrend

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Existing-home sales and prices dropped in November compared to the same month last year, the National Association of Realtors reported today. The median price of existing homes dropped for the fourth consecutive month to $218,000, down 3.1 percent compared to November 2005. The average price of existing homes, at $266,000 in November, fell 1.8 percent compared to the same month last year. The seasonally adjusted annual rate of existing-home sales dropped 10.7 percent in November compared to November 2005, to 6.28 million. It was the second month in a row of increases in the sales rate after six consecutive months of decline earlier in the year. The rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The sales statistics include single-family homes, town homes, condominiums and co-ops. David Lereah, NAR's chief economist, said in a statement, "Existing-home sales should be rising gradually during 2007 -- it looks l...