Cold November For Home Sales, Prices
Single-family home prices crashed by 16.7 percent in November compared to the same month a year ago, according to Boston-based real estate tracker The Warren Group.
The price drop is the largest year-over-year monthly decrease ever reported by The Warren Group, which began keeping tabs on the housing market in 1987. November's median home price was $275,000 compared to $330,000 in the same month a year ago.
Single-family home sales also took a beating during month, falling by 18.4 percent compared to November 2007. There were 2,620 homes sold in the Bay State during the month compared to 3,211 a year ago.
Condominium sales slumped by 27.5 percent as the median price of a condo decreased by 12 percent to $240,000.
The Massachusetts Association of Realtors' November numbers, which include only transactions that involve real estate agents, were just as bad. The MAR said home sales were down 21.8 percent in November and median prices were down 14.2 percent to $283,000.
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