Sales of existing homes in the five-county Pittsburgh region declined 19.6 percent in November compared to the same month last year, marking the 20th consecutive month of falling sales.
There were 1,810 home sales in November versus 2,250 a year ago, according to RealStats, a South Side-based real estate information company.
For the 11-month period of January through November, sales are down 16.3 percent this year compared to the same period last year, the company said.
Total sales this year through November were 24,220 while the total for 2007 was 28,925.
"It should be noted that there were two fewer business days in November compared to a year ago and, factoring that in, the number of sales are off roughly 11 percent," said Daniel A. Murrer, RealStats vice president.
Not surprised by the decline is Tom Hosack, president of Northwood Realty Services.
"With all the economic distress and bad news, people are not buying houses but shopping for Christmas. The shopping malls and restaurants are packed, and November, along with December, are traditionally slow months for house sales," he said.
Hosack said the market may turn around next year, perhaps not immediately in January, but by the third quarter, thanks to government actions to stimulate the economy.
"We knew November would be down in house sales, based on the number of houses under sales agreements during October," said Howard (Hoddy) Hanna III, chief executive officer of Hanna Holdings Inc.
RealStat said the average price of homes sold in November declined about 2.5 percent, compared with last year. The average sale price was $146,121 last month compared to $149,830 a year ago.
Median sales prices also declined to $115,000 in November versus $116,750 a year ago, down 1.5 percent. The median price is the point at which half the homes sold for more and half for less.
The average sale prices in Westmoreland County increased 21.7 percent -- $155,362 last month on 285 sales compared to $127,690 on 341 sales a year ago. Prices decreased in all other counties, with Washington down 12.8 percent, Beaver down 11 percent, Allegheny down 5.3 percent and Butler down 0.3 percent.
RealStats said the average price of a new home sold in November was up 2.1 percent, at $311,171 compared to $304,722 a year ago. November new home sales declined 32.5 percent, with 166 compared to 246 a year ago.
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