Existing-home sales & home prices fall again in the West

The National Association of Realtors(R), released it's November report yesterday. The headline was a very modest increase in national home sales. What did not make the headlines was that existing-home sales in the West were 25.0 percent below a year ago and the median price in the West was 6.8 percent lower than November 2006.

Also, nationally, existing condominium and co-op sales slipped 1.6 percent to a seasonally adjusted annual rate of 600,000 units in November from 610,000 in October, and are 20.6 percent below the 756,000-unit level in November 2006. The median existing condo price was down 0.7 percent from in November 2006.

For San Diego County, Data-Quick Information Systems reported that November median single-family resale home prices fell 7.4% and sales also fell 29.6%.[real estate, home sales, home prices, real estate bubble, housing market[/tags] San Diego California real estate agents