Home Sales Drop 23 percent in Midwest in November

By: AP
By: AP
Existing home sales in the Midwest tumbled 23 percent in November compared with a year ago. The drop comes as accelerated job losses, Wall Street weakness and dwindling consumer confidence forced more people out of the housing market.

** FILE ** In this July 2, 2008 file photo, a foreclosed home is seen for sale in Sacramento, Calif. A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday, Sept. 5, 2008. (AP Photo/Rich Pedroncelli, file)

KANSAS CITY, Mo. (AP) _ Existing home sales in the Midwest tumbled 23 percent in November compared with a year ago. The drop comes as accelerated job losses, Wall Street weakness and dwindling consumer confidence forced more people out of the housing market.

The National Association of Realtors said today that the median sale price in the region declined 11 percent to $142,400.

Nationally, by comparison, home sales fell 17 percent, without adjusting for seasonal factors. The median price decreased 13 percent to $181,300.

In the Midwest, home sales fell in all 12 major metro areas tracked in The Associated Press-Re/Max Monthly Housing Report. The report analyzes home sales recorded by all real estate agents, regardless of company affiliation, in the metropolitan statistical areas.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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