Existing home sales fell 5% in November from the previous month and nearly 26% from a year ago, according to a new report from RE/MAX.
The Denver-based Realtor said home sales have declined for five consecutive months in the 54 metropolitan areas it tracks.
The only somewhat good news RE/MAX found was that home prices have 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 RE/MAX chief executive Margaret Kelly.
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 releases its report on existing home sales this Wednesday, Dec. 22. Analysts at HIS Global Research are looking for NAR to report a 7.2% increase in nationwide sales from October to November. J.P. Morgan Research analysts expect a 5.2% increase in sales. (The NAR report covers all MSAs.)
