November Home Prices Decline

Recently released for November, The S&P/Case-Shiller composite index of single-family home prices declined 0.7 percent...slightly larger than the 0.5 percent economist expected. While previous months were trending toward a decelerating decline, November's data broke the trend. Note: Case-Shiller data has a two-month lag.

Average sale prices for Real estate in Rehoboth Beach & the rest of Sussex County substantially declined from October but the median sale price slightly increased. A healthy market would show increases in both the average and the median.

We continue to see substantial buyer activity in the region and barring a major geopolitical event, I foresee an upward trend in single-family prices and a stabilization in condominium prices.