Today we issued our November 2010 housing numbers and for the 13th straight month median prices continued to go up. While prices were up, sales of both single-family homes and condominiums were down compared to the year before – for the 5th straight month.
However, before I get to the numbers, I wanted to point out one factor to keep in mind when looking at the sales figures this month. If you remember, in February of 2009, President Obama signed into law a first-time home buyer tax credit. While it did end up getting extended and expanded, the original deadline was set to expire at 11:59 pm on November 30, 2009. As a result of this deadline, November 2009 had a 63% increase in sales over the same time the year before (2008). That was (and still is) the largest single month year-over-year increase that we’ve recorded since we began tracking monthly housing data. Now, this doesn’t change the fact that sales were down in November, but I do believe this provides some context to the year-over-year drop.
Read the release and listen to the podcast with MAR President Kevin Sears
Here are the highlights from the release:
* Single-family median prices were up for the 13th straight month compared to the year before.
* Single-family home sales were down 31.5% compared to last year. This is the 5th straight month of decreases.
* The median price for a condo was up 5.2% compared to last year.
* Condo sales were down 38.7 compared to the same time last year.
* Single-family inventory has gone up for the 9th straight month.
* Condo inventory has gone up for the 6th straight month.