Housing Market Edges Down
Often, when prices go down, the number of properties sold goes up. That was the general story during the past four months. Not in November. The median price dropped a bit to about $193,000 and the number of sales ticked down about 2 percent. Sellers are getting about 5 percent less than they did a year ago.
The realtors’ association says the latest data point to a market that is slowly stabilizing. The number of foreclosures is headed down. Analysts say in a year or so, the market will have worked through many of those lower priced homes.
Recent employment figures are moving in a modest but positive direction.
The realtors expect 2011 to end with slightly higher sales than 2010.