Industry NewsMarkets & Economy

Home sales up, prices down nationwide

California shows biggest price increases

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Home sales increased and prices decreased year-over-year in November, according to a monthly report released by real estate data and analysis company Radar Logic Inc. Thursday. Home sales across 25 metro areas nationwide increased 1.5 percent month-to-month and 46.7 percent year-over-year in November, as indicated by transactions completed through the company's Residential Property Index (RPX). The index measures changes in the price per square foot of homes. Transactions increased in nine of the 11 months ending in November 2009, including those from July to October, when sales typically decline. "We believe that the housing market is poised for significant recovery," said Michael Feder, president and CEO of Radar Logic. "Affordability measures are at their highest levels in years and home sales are moving toward normal levels. Nationwide, foreclosure sales have declined from 29 percent of total sales in November 2008 to 23 percent of sales in November 2009.&quo...