Home Sales Pace

Sales of existing U.S. homes fell in November, according to the National Association of Realtors, by 8.6 percent to a seasonally adjusted rate of 4.49 million units, a decrease from 4.91 million the previous month. Sales were also off by 10.6 percent from October 2007 figures.

The national median home price also dropped in November, falling to $181,300 from $186,500 in October. The median price one year earlier was $208,700.

The NAR defines existing homes as all previously owned single-family homes, townhouses, condominiums, and co-ops. The group "seasonally adjusts" the sales numbers to factor in things like inclement weather, school sessions, winter holidays, etc to smooth out the trends. The NAR also describes its sales data based on an annual pace. The monthly figure represents the total number of housing units sold in one year if the current rate were to continue unchanged.

Sales Pace by Region

Existing home sales dropped across the board in November, with the Northeast posting the largest month-to-month declines. Sales there sank by 12 percent to 730,000 units, compared with October's 830,000 units. In a year-over-year comparison, sales were down by 18 percent.

The South saw a 10.9 percent decline in sales to 1.64 million homes, with sales falling 17.6 percent since November 2007.

The sales pace in the Midwest fell by 7.4 percent in November from the previous month to 1 million units, and is down 16 percent from last year during the same time.

The West experienced a 4.3 percent monthly drop in sales, but the number of units sold was still up a solid 17.9 percent over last year's figures.

Home Prices

The median home price, the point at which half of all homes are sold for more and half are sold for less, decreased in November for the sixth consecutive month, led by another significant price slide in the West.

The median price for homes in the Western United States fell to $242,500, down from $258,900 in October. The current price represents a 25.5 percent decrease from November 2007.

The Midwest median sales price dropped by another $3,000 and is down by 11.2 percent on a year-over-year basis.

The median price in the South fell to $154,500 from $160,800 in October. Compared with one year earlier, the price was down 10.6 percent.

In the Northeast, median home prices fell to $257,700 in November from $241,800 the previous month. Prices were down.01 percent versus last year when median prices were at $257,900.

Inventory

The number of existing homes for sale in the U.S. increased in November to 11.2 million units, up from October's 10.3 million units.

Next Report

Data for December existing home sales, prices, and inventory will be available at the end of January.