November existing home sales were up 0.6% from October and total housing inventory sale fell 1%.

The national median existing-home price for all housing types was $218,000 in November, which is 3.1 percent lower than November 2005 when the median price was $225,000. The median is a typical market price where half of the homes sold for more and half sold for less.

” For every 1 percent drop in home prices, we project an additional 50,000 buyers are drawn into the market,” Lereah says.