Rock Hill-area home sales plunged 40 percent in November compared with a year earlier -- one of the biggest month-over-month decreases in recent years, according to trade group statistics released Friday.
The median price of homes sold in the area served by the Piedmont Regional Association of Realtors -- which includes York, Chester and Lancaster counties -- also fell in November. It was down 4.8 percent to $160,000, according to data from S.C. Association of Realtors.
Analysts attribute the housing slump to the country's sinking deeper into an economic recession that started a year ago. Meanwhile, state economic advisers are predicting unprecedented unemployment levels next year.
Sales were down 43 percent statewide, and the median price slipped 7.5 percent, according to the S.C. Realtors' data.
Sign Up and Save
Get six months of free digital access to The Herald
Rock Hill-area homes also spent more time on the market in November than last year, up an average of 14 days to 149 days. Homes statewide spent an extra week on the market in November, up to an average of 146 days.
For the year, Rock Hill-area homes are spending 13 more days for sale, while the statewide average is an extra six days.