Mass. Home Sales, Prices Continue Drop
Sales and prices of single family homes in Massachusetts continue to fall, and new figures show the decline has spread to the once-strong condo market.
WBUR's Abigail Beshkin reports.
New figures show sales of single-family homes fell by more than 18 percent and prices dropped almost 17 percent in November, compared to the same period a year ago.
The figures from real estate tracking firm The Warren Group also show condo sales, which had been strong, plummeted last month, with sales dropping by almost 28 percent, and prices falling by 12 percent.
The Warren Group's Tim Warren says the figures represent deals negotiated during the summer, when the economic downturn accelerated.
WARREN: With the economic conditions, people started to get scared and they started to pull back. People weren't out looking for homes, and those that were out looking probably got extremely cautious until they figured out exactly what their finances would be.
Warren also says he expects sales and prices to continue falling at least for the next two months.
This program aired on December 23, 2008. The audio for this program is not available.