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Home Sales Continue To Post Double-Digit Declines

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Dec 18, 2007 11:17 am US/Eastern

Home Sales Continue To Post Double-Digit Declines

BOSTON (WBZ) ― For the third month in a row, home sales in Massachusetts are down by a double-digit percentage, according to published reports.

The Warren Group, a Boston-based publisher of real estate data, reports a 15 percent drop in single-family home sales in November, compared with the same month one year ago.

According to the report, September and October saw even steeper drops -- 19 and 17 percent respectively.

In addition to homes sales, home prices have also dropped by nearly 6 percent, The Warren Group reports.

However, the price decline is less than half a percentage point when the effect of the recent spike in foreclosures is excluded.

The report reveals that condo sales fell 23 percent in November -- down 4 percent, but just 1 percent excluding foreclosures.

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