Existing home sales in the Midwest declined almost 10 percent in November compared with last year but remained unchanged from October, the National Association of Realtors reported Thursday.
The group reported 1.42 million existing-home sales throughout the Midwest in November, down 9.6 percent from 1.57 million last year, Molony said.
The median existing-home sale price in the Midwest was $165,000 in November, down 3.5 percent from $171,000 last year.
The national median existing-home sale price was $218,000 in November, down 3.1 percent from $225,000 last year.
David Lereah, the association’s chief economist, said that for every 1 percent drop in home prices, he projects an additional 50,000 buyers are drawn into the market.
“As the housing market recovers from its correction, existing home sales should be rising gradually during 2007,” Lereah said in a statement. “We’ve entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down.”