Mass. home sales and prices fell in November

(File photo: Mark Humphrey/AP)

The number of single-family homes sold in Massachusetts last month dropped sharply as the November median selling price for a single-family home clocked in at $283,000, down 14.2 percent from $330,000 in November 2007 and down 4 percent from $294,900 in October 2008, the Massachusetts Association of Realtors said today.

The number of single-family homes sold in Massachusetts had increased in September and October, prompting hopes that the hard hit housing market might be showing some signs of recovery. The theory was that prices had fallen to the point where they had become more affordable for bargain hunters.

While a drop in the November sales volume would seem to dampen those hopes, the realtors association cautioned that sales traditionally go down from October to November in Massachusetts.

For November, 2,339 single-family homes were sold in Massachusetts, down 21.8 percent from 2,991 sold in November 2007, the Massachusetts Association of Realtors said.

As for condominiums, 906 units sold in November, a drop of 27.3 percent from November 2007, the association said.

The November median selling price for a Massachusetts condo was $250,000, down 9.1 percent from $275,000 in November 2007 and flat with a median of $250,000 for October 2008, the association said.

“While prices still continue to be affordable, the uncertainty created by the September financial crisis on Wall Street caused many would-be-buyers to once again stay out of the housing market,” Susan R. Renfrew, the association's president, said in a statement. “We need a vibrant housing market to help get the economy moving and the recent steps by the Federal Reserve to reduce interest rates combined with affordable home prices are the type of action we need.”
(By Chris Reidy, Globe staff)