news-record.com

GREENSBORO - Greensboro home sales suffered another double-digit percentage decrease in November, as the normally slow holiday real estate season collided with the country's recession.

Homes sales were down 36 percent in November with 303 homes sold, compared to the 476 sold in October, according to information released Friday by the Greensboro Regional Realtors Association.

The numbers were off 37 percent from the 483 homes sold in November 2007.

Average home prices also dipped 15 percent in November compared to the previous month, down to $138,269 from $161,978 in October. The average price in November 2007 was $177,278.

The median sale price fell $10,000 to $120,000 in November, compared to October.

"November is always a slow month," said Ann Buffington, the 2008 president for the Realtors association, in a news release. "Unfortunately this year we're seeing a lot more reflected in the numbers than the normal seasonal lull."

"We're not happy with the numbers, but they're not surprising, given the concern nationally with the economy."

On the whole, local home sales have steadily declined in 2008 compared to 2007 as the nation's economy has eroded.

Buffington predicted improvement in the new year, citing new businesses coming to the city and state.

"The residential market will definitely survive this and improve gradually as we move forward into 2009," she said.

Contact Lanita Withers at 373-7071 or lanita.withers@news-record.com