The following is from the RMLS Market Action newsletter I received today. It indicates November was a very slow month:
The number of closed sales dropped 39.9% compared to last November. The 1,041 sold properties was the lowest sales total since February 1993. Pending sales also fell 31.7% compared to last November.
New listings decreased 20.2%.
Comparing November 2008 to October 2008, new listings dropped 25.5% (2,687 v. 3,605). Pending sales declined 12.6% (1,108 v. 1,268) and closed sales were down 28.9% (1,041 v. 1,465).
The inventory of homes grew to a record 15 months, assuming that the 15,611 active residential listings are sold at the month’s rate of sales (1,041).
The average sale price for November 2008 was down 10.5% compared to November 2007, while the median sale price dropped 7%.
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