The data shows that asking prices in November came in at $456,454, down by 0.45 percent from $458,518 in October, and active inventory decreased by 3.16 percent. As a result, the composite is expecting weekly declines in prices, inventory, and demand all the way through into January, a trend that will likely impact homebuyers with intentions on moving into a new residence.
In addition, 23 of the 26 major markets revealed price decreases. The largest declines were seen in Washington, D.C., San Diego and Salt Lake City, says the composite. Housing inventory is down nationally by 3.16 percent, with the greatest decreases in San Francisco, Boston and San Jose. However, some markets including Miami and New York City are slowly beginning to show some stability in home prices.
Although Washington, D.C., saw some of the largest price declines in November, the Baltimore Washington, metro area saw its monthly median sales price remain level at $265,000, a figure that is unchanged from October and is 4.7 percent higher than the $253,000 in November 2009, according to RealEstate Business Intelligence.
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