The Massachusetts realtors report on October sales. "Local home prices showed signs of 'stabilizing' in October, the Massachusetts Association of Realtors said today. The median sale price of a single-family home was down 2 percent in October to $341,000 from the same month a year ago."

"According to MAR, the volume of detached single-family homes sold in the Bay State during October fell 16.5 percent to 3,239 homes when compared to October 2005. On a volume basis, condo sales fell 17.6 percent to 1,464 condos in October, and the condo median selling price was $261,250, down 3.7 percent from the same month a year ago, the association said."

"The group's report was the second one issued today on the local housing market, and its pricing data differed from numbers in an analysis by the Warren Group, a real estate data firm."

"Massachusetts home sales fell by double-digit percentages in October, and the median sale price of single-family homes dropped 6.9 percent compared to October 2005, according to The Warren Group."

"The October home price decrease marks the sixth straight monthly drop compared to the same months last year. The 14.9 percent drop in single-family home sales marks the 20th month out of 21 where home sales have fallen in Massachusetts. Eleven of the 20 monthly decreases were by double-digit percentages, reflecting the sharpest and most sustained sales slowdown since the 1989-1991 period."

"Overall, the number of single-family home sales in October fell to 4,313 from 5,068 in the same month last year. The median sale price fell 6.9 percent to $312,000 from $335,000."

"Meanwhile, condominium sales dropped 19.5 percent in October, down to 2,226 units sold from 2,765 during the same month in the previous year. The median condominium sale price dropped 4.8 percent to $261,750 from $275,000."

"Year-to-date through October, all 14 Massachusetts counties experienced declines in single-family home sales. Hampshire’s 4.5 percent sales decline was the smallest while Nantucket’s 30.9 percent was the steepest. Essex, Suffolk and Worcester all saw prices fall by more than 5 percent."

"'The October numbers continue the trend we’ve been seeing for some time now, a pronounced slowdown that’s affecting every facet of the housing market,' said Timothy Warren Jr., CEO of The Warren Group. 'While we expect the market to stabilize sometime in 2007, it appears as though the housing sector is undergoing a significant correction.'"

The Worcester Business Journal. "MAR points to the combination of mortgage rates being at their lowest level since February and average home prices falling 10 percent from the summer of '05 as key ingredients for creating an affordable market for homebuyers."

"Says David Wluka, president of MAR: 'For anyone attempting to time the market, this wouldn't be a bad time to jump in before mortgage rates start inching up or supply levels begin to drop.'"