November home sales slide to 13-year low

Massachusetts single-family home sales in November slipped to the lowest level for the month since November 1994, according to the Massachusetts Association of Realtors.

A broader sales count already released by the Warren Group, including sales without the help of a real estate agent, showed volume fell to the lowest level for November since 1991.

The 2,986 sales reported by MAR were down 12.6 percent from last November, the third straight month-over-month decline. Part of the reason may be the relative stability of prices, which declined by only 2.9 percent compared to last November, suggesting people are choosing to keep their homes rather than seeking buyers at lower prices.

Such a dynamic often indicates that significant price drops are on the horizon, as owners who want to sell accept the need to reduce prices.

Condominium sales also fell sharply, by 14 percent over last November, but remained relatively strong by historical standards. Median condo prices actually nudged upward by 1.9 percent.

Combined total sales of 4,231 housing units was the lowest for the month since November 1996.

MAR, which represents the state's real estate agents, presented the data with its trademark optimism, encouraging renters -- who do not need overcome the difficulty of selling an existing home before buying a new one -- to take advantage of what it called a "buyer's market."
(By Binyamin Appelbaum, Globe staff)