November Exisitng & New Home Sales

Read Calculated Risk: More on Existing Home Sales
and Calculated Risk: Even More on Home Sales

From Yahoo! Finance: November existing home sales fall by 8.6 percent
Graphs are from Calculated Risk: Existing Home Sales Plunge in NovemberExisting home sales plunged far more than expected by 8.6 percent in November to an annual rate of 4.49 million, lowest since 1999, from a downwardly revised pace of 4.91 million in October, and are 10.6 percent below the 5.02 million-unit pace in November 2007. Single family home sales fell the the lowest since 1997.
The median sales price plunged 13.2 percent in November to $181,300, from $208,000 a year ago. That was the lowest price since February 2004, the biggest year-over-year drop on records going back to 1968 and most likely the biggest drop since the Great Depression. In the West, (think California, Nevada and Arizona) prices tumbled 25.5%.

Nationally, the Realtors group estimates that sales of distressed properties made up 45 percent of all property sales in November. There were 4.2 million unsold homes on the market in last month. At the current sales pace, it would take 11.2 months to sell all the properties highest since 1982.

From Yahoo! Finance: November home sales fall 2.9 percent
Graphs from Calculated Risk: New Home Sales in November

Sales of newly built single-family homes slowed in November to the weakest levels since 1991, and the lowest November since 1982. The seasonally adjusted annual sales pace of 407,000 was down 2.9 percent from October, and down 35.3% from a year ago. The October number has been downwardly revised to 419,000 as previously reported 433,000. The median sales price rose to $220,400 from $214,600 in October.

The seasonally adjusted estimate of new houses for sale at the end of November was 374,000. This represents a supply of 11.5 months at the current sales rate. The months of supply for October was revised up to 11.8, an all time record.