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Drops In November Home Prices and Sales

The median price for homes sold in November in Massachusetts plummeted 16.7 percent to $275,000, the largest single monthly year-over-year price decline since Banker & Tradesman, began tracking the housing market in 1987.

Home sales in November hit a dubious record of their own. After climbing for two straight months, sales tumbled 18.4 percent last month compared to November 2007 – the largest dip in year-over-year November sales in Warren Group history.

Sales fell to 2,620 from 3,211 in November 2007. A total of 37,257 single-family homes sold from January through November, down 12.5 percent from 42,594 last year.

The November median home price slumped 16.7 percent to $275,000 from $330,000 during the same month in 2007. November’s percentage decline exceeds the monthly price drops in September and October, when median home prices were down 15.3 percent and 13.9 percent, respectively. The median price for homes sold in the first 11 months of the year was $309,900, 10.8 percent lower than the $347,500 median price recorded for the same months in 2007.

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