BLOOMINGTON - Twin City home sales dropped to the lowest level of 2008 in November. Real estate agents and builders sold a total of 116 homes that month, including 12 new homes and 104 existing properties, according to statistics from the Bloomington-Normal Association of Realtors.

The total number of sales was six homes shy of the year's previous low of 122 in January.

The 2,126 sold homes from January through November now is down 15.8 percent through the same time period in 2007 when sales totaled 2,526. New home sales are down about 8 percent while existing home sales are down 17 percent.

While Bloomington-Normal has fared better than some cities, it still has seen the effects of the current housing downturn, said Laurie Christensen, president of the association.

"That's what's happening in the world right now," Christensen said. "People are just cautious right now. … They're watching their spending. If they don't have to buy a home, they're not buying right now. They're not buying cars. They're not buying anything right now."

The total number of homes sold in November was off almost 42 percent from the 199 sold in the same month in 2007.

Monthly sales also dropped almost 40 percent from October 2008 when sales totaled 192 homes. New home sales were cut in half from October to November while existing home sales fell 38 percent from month to month.

Lower mortgage rates have spurred a lot of refinancing activity, but people have not jumped on the purchasing bandwagon yet, Christensen said.

The average price of $156,418 for all sold homes in November also hit a year-to-date low. New homes averaged $244,187, and existing properties sold for an average of $146,291.

Sellers likely are accepting low offers from buyers who are trying to get the best deals since they are constantly bombarded with the message that it's a buyer's market now, Christensen said.