Sales of existing homes fell 5% in November from the previous month and nearly 26% year over year, according to a report from RE/MAX.
The Denver real estate brokerage franchisor said home sales have declined for five consecutive months in the 54 metropolitan areas it tracks. RE/MAX found that home prices had fallen only 1.7% since November 2009.
"Despite predictions about falling home prices, they appear to be remaining stable with several markets reporting significant price increases over last year," said Margaret Kelly, the company's chief executive.
Metropolitan areas with the biggest gains include: Burlington, Vt., up 17%; Trenton, N.J. (+16%); Raleigh, N.C. (+13%); Washington (+9%); and Boston (+9%).
The National Association of Realtors is to release its report on existing-home sales Dec. 22. Analysts at HIS Global Research expect the group to report a 7.2% increase in nationwide sales from October to November. JPMorgan Chase & Co. research analysts expect a 5.2% increase in sales. (The Realtor report covers all metropolitan statistical areas.)
