Home sales dropped 5.2% in November compared to a year earlier, according to data published Thursday by Re/Max.
The Denver-based realty company said in its national housing report that while sales fell, prices continued to rise. The median sales price for the month was $195,151, or 6.1% higher than the same time last year.
“As expected, sales cooled off in November and remained below the level we saw last year,” said Dave Liniger, Re/Max’s chief executive, in the report. “But with prices rising moderately, this market appears to be recovering at a more sustainable rate.”
Homes sold in November spent an average of 71 days on the market, or three days longer than a year ago, according to the report.