Existing Homes Sales and Median Prices Plummet in November

The National Association of Realtors® announced today that existing home sales and declined 8.6 percent to a seasonally adjusted annual rate of 4.49 million units in November from a downwardly revised level of 4.91 million in October. The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800. Even with mortgage rates trending lower, it appears that equity in senior’s home continues to be declining and the pace of existing housing sales is continuing to get slower.

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