Smart Borrower Blog

Existing Home Sales and Prices Decline in November


Dec 27th, 2008 @ 6:47 AM by Amber Nelson


As the economy continued to weaken, sales of existing U.S. homes fell in the latest month, as did the median home price, according to data released by the National Association of Realtors.

 Existing home sales, which include single-family, town homes, condominiums, and co-ops, dropped to a seasonally adjusted rate of 4.49 million units in November, down 8.6 percent  from the previous month. The latest sales figures represent a 10.6 percent decrease from the November 2007 pace.

 Lawrence Yun, NAR chief economist, blamed the decline on the broader economic turmoil. “The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001,” he said.

 “It is, therefore, imperative to provide incentives for home buyers to get back into the market,” Yun added.  “It also depends on how effectively Congress and the new administration can help facilitate the short sales process and unclog the mortgage pipeline – impediments remain for some buyers with good credit.”

 Home prices also fell last month with the national median price of existing-homes dropping to $181,300, a 13.2 percent decline from $208,800 in November 2007.

 NAR President Charles McMillan recommended more government intervention to correct direction of the housing market.  “We need more than low interest rates to encourage enough buyers to enter the market and meaningfully draw down inventory, which would stabilize home prices – that, in turn, would help the economy to recover,” he said. 

“We should extend the first-time buyer tax credit to all home buyers and eliminate the repayment feature, and make permanent the higher loan limits that are vital in high-cost markets – the faster we do this, the faster housing and the economy can recover,” McMillan said.

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

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