The monthly RE/MAX National Housing Report, released Friday, shows housing prices remaining relatively stable, with sales still experiencing some declines.
The survey of 54 metropolitan areas shows that November sales were 4.9 percent below October sales, and 25.9 percent below sales for November 2009.
But because the losses were much smaller than recorded from September to October, the Denver, Colorado-based RE/MAX considers the declines to be headed in the right direction.
“While home sales usually decline in the winter months, we are seeing a larger than normal correction this winter due to several artificial factors like the expired tax credit,” said Margaret Kelly, CEO of RE/MAX. “Despite predictions about falling home prices, they appear to be remaining stable with several markets reporting significant price increases over last year.”
The average price drop was 1.7 percent from last November, and 36 of the 54 cities showed price increases from last year. None of the 54 areas showed a sales increase from November 2010.
The average number of days on market for the survey’s 54 metropolitan areas was 93 days, which was two days longer than the average in October and seven days longer than the November 2009 average of 86.
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