The Massachusetts realtors have their November numbers out. "November sales of single family homes in Massachusetts fell nearly 13 percent compared to a year earlier, the 8th consecutive month of year-over-year sales declines, the Massachusetts Association of Realtors reported. The median selling price slipped to $340,000, down 4 percent from $354,000 n November 2005."

"The continued decline in sales, and growth in the number of homes on the market suggests the slumping housing market is still seeking a bottom. The inventory of single-family homes for sale is up 25 percent from November 2005."

"'Both the detached single-family home and condo markets have been experiencing a healthy correction,' said David Wluka, president of the Massachusetts Association of Realtors. 'With home prices leveling, interest rates remaining low, inventory still plentiful and more sellers accepting market-based pricing, Bay State homebuyers have a special window of opportunity right now,' Wluka stated. 'We just don’t know how long the window will stay open.'"

The Boston Business Journal. "Echoing their optimistic message from last month, the Massachusetts Association of Realtors said Thursday that the state's housing market may be stabilizing, despite data that reveals a double-digit decline in home sales when compared to the same period a year ago."

"Last month's statewide inventory of 35,254 listed homes was 25 percent higher than November 2005. Statewide condominium sales last month slipped 13.6 percent over sales in November 2005."

From the talking points. "Most sellers are setting reasonable prices based on this market rather than the unusual spiking prices of the past five years. Last month’s sales total was lowest November volume since 1995, when 3,190 homes were sold."

"The number of condos for sale is up 37% from 13,024 units last November to 17,851 in November 2006. This represents 12.7 months of supply, up from 8 months in November 2005."

The Salem News. "The median price of a single-family home in Essex County fell to $350,000 last month from $373,000 in November 2005, a drop of about 6.2 percent, according to the Warren Group."

"Single-family home sales were down by 13.5 percent from November 2005 levels, their eighth double-digit percentage drop this year. Sales have now dropped from year-before levels in 25 of the last 28 months. The 4,130 homes sold in November 2006 marked the lowest sales figure for a November time period since 1992."

"The state's median single-family home sale price also decreased in November to $315,000 from $337,000 in November 2005. The median home sale price has now dropped in eight of the last nine months and is down more than 13 percent from the $364,000 peak registered in June 2005."

"Alan Pasnik, data analyst for The Warren Group for more than two decades, said the cities and towns of Essex County 'look as bad as everybody else.' 'We are on a downward trend here,' he said. 'Housing prices got too high to be supported by people's income levels. There had to be an adjustment; it is happening now.'"

"Pasnik said in the past six years the prices of housing doubled across the state while income levels increased at modest levels. He said because of this, the current trends in the market will continue into the new year and could continue for at least another 12 months."

"In the meantime, Pasnik said, the market is ripe for those looking to buy a home, calling it a 'buyer's market.' And, in contrast, he said those looking to sell their homes should consider holding out until the market improves. 'If you don't have to sell your house, don't,' he said."

"Though it might be painful for sellers, the real estate market has grown steadily for 13 years without a price correction, Timothy Warren said. That's a long time to go, he added. By comparison, the stock market has gone through several cycles."

"The greatest danger in the current market, Warren said, is the potential for loss for the people who have been using the equity in their homes as a savings account, taking out loans for cars or college pinned to the rising value of their properties."