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:                                                             

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