Nov. home sales drop from 2005
Single-family home and condo sales plunged 13.5 percent and 10.1 percent respectively in November 2006, compared to November 2005, and single-family home sales were the lowest Nov. figures since 1992, The Warren Group reported today.
Last month’s single-family home sales decline is the year’s eighth double-digit percentage drop, as measured year-over-year. The number of sales has now dropped from year-before levels in 25 of the last 28 months. The 4,130 homes sold in November 2006 marked the lowest sales figure for a November time period since 1992.
The state’s single-family home median sale price also decreased in November to $315,000 from $337,000 in November 2005. The median home sale price has now dropped in eight of the last nine months and is down more than 13 percent from the $364,000 peak registered in June 2005. Condo sales dropped 10.1 percent from Nov. 2005 and the condo median sale price dropped 1.8 percent to $269,900. Worcester County and Suffolk County experienced the largest single-family home price drops, both exceeding 6 percent.
"We’re still in a decline, but the slope is not as steep as it was in the summer and early fall," said Timothy Warren, Jr., CEO of The Warren Group. "We’re starting to see some signs of stabilization." The Warren Group publishes Banker & Tradesman.
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