We’re Still Seeing Red!  The Number of Closed Sales in November Were Another 5% Below the Slow October Numbers!  When Will We See a Turnaround?

 

The number of Single Family Home Sales that closed in November across our top Forty Market Index was down 4.9% versus October!  Continuing the weakening trend we’ve seen over the last few months, unit sales were down almost 25% when compared to November 2009.   Once again, not one of the Top 40 Markets showed an increase in Unit Sales year-on-year!  And only a handful of markets experienced any increase in unit volumes in November versus October.  Some of those markets with increased volume include Miami, Phoenix and Raleigh-Durham (all in the 2-3%).  Hopefully the beginning of 2011 will bring more green to the charts!

Prices Were Up Slightly, But Just a Tad…

At the same time, the prices for sold properties actually increased (a ‘tad’) across our sample cities in November (versus a very weak October).  Overall, Median Prices for Sold Properties inched upward by just 0.1%.   Prices for Sold properties were just below the year before numbers (i.e., November 2009 levels) declining by 2.0%.   Prices in a large number of our sample cities increased, among the largest upticks were: Raleigh-Durham +9.3%, Detroit +7.3%, Miami +5.6% and Charlotte NC +5.2%.  Other cities continued the downward trend, including: Baltimore, Des Moines, Phoenix and St Louis – all losing 2-4% in overall pricing versus the prior month.  Sellers still seem to be clinging to the view that if they hold their price and wait long enough some miracle will bring them a buyer.  That view is likely to have to change before we see significant transaction volume upticks.