November 27, 2007
October Home Sales, Prices Plunge
By Matthew L. Brown
After a late summer of flat sales, single-family home sales dropped by 17.1 percent in October, the second month in a row the market has experienced double-digit decline, according to a report from the the Warren Group, the Boston-based publisher of Banker & Tradesman.
Single-family home sales dropped by 18.7 percent in September.
Year-to-date single-family home sales were down 7 percent at the end of October from 46,797 during the first 10 months of 2006 to 43,535 this year.
Also, the median price for single-family homes fell in October by the largest percentage so far this year, according to the Warren Group's traditional method of calculating prices.
The year-to-date median price for single-family homes fell 4.4 percent from $329,000 last year to $314,482 this year.
But the Warren Group said there may be good news in all of this. When the group calculates data excluding the effects of foreclosures deeds, the median price of single-family homes has fallen 0.6 percent year-to-date. October’s median price, when calculated with this method, fell 2.3 percent from $324,000 to $315,000.
The Warren Group said that could be a sign that home prices are beginning to stabilize.
The Massachusetts Association of Realtors also released its October sales and price figures. The MAR reported that the number of single-family homes sold in October was down 11.4 percent compared to the same time last year. Median selling prices for single-family homes were 3.2 percent, MAR said. The MAR only takes into account transactions that involve a licensed Realtor.
Single-family home sales dropped by 18.7 percent in September.
Year-to-date single-family home sales were down 7 percent at the end of October from 46,797 during the first 10 months of 2006 to 43,535 this year.
Also, the median price for single-family homes fell in October by the largest percentage so far this year, according to the Warren Group's traditional method of calculating prices.
The year-to-date median price for single-family homes fell 4.4 percent from $329,000 last year to $314,482 this year.
But the Warren Group said there may be good news in all of this. When the group calculates data excluding the effects of foreclosures deeds, the median price of single-family homes has fallen 0.6 percent year-to-date. October’s median price, when calculated with this method, fell 2.3 percent from $324,000 to $315,000.
The Warren Group said that could be a sign that home prices are beginning to stabilize.
The Massachusetts Association of Realtors also released its October sales and price figures. The MAR reported that the number of single-family homes sold in October was down 11.4 percent compared to the same time last year. Median selling prices for single-family homes were 3.2 percent, MAR said. The MAR only takes into account transactions that involve a licensed Realtor.
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