By Jeff McKinney
The Cincinnati Enquirer

Sales of existing homes in the Tristate slipped slightly in November, but overall sales for the area in 2002 stayed on track to beat last year's record.

The number of single-family homes sold in Southwest Ohio, Northern Kentucky and southeastern Indiana fell about 1.5 percent last month, to 2,071 from 2,102 sold during November 2001, according to local boards of Realtors.

Still, year-to-date figures for the region came in at 25,545, up 2.4 percent from 24,946 during the first 11 months of last year - keeping sales this year on pace to set a record high.

"December is clipping right along, so total 2002 sales are expected to be up from 2001 by about 3 percent," said Kathy Koops, president of the Cincinnati Area Board of Realtors and president of Sibcy Cline Relocation Services.

The slight dip occurred even as mortgage rates continued to fall and as the housing market remains one of the economy's few growth sectors.

Nationally, home sales fell 5.9 percent to a seasonally adjusted annual rate of 5.56 million in November, versus 5.25 million in November 2001, the National Association of Realtors said. November sales were off 3.5 percent from the 5.76 million rate in October, the fourth-highest pace ever.

David Lereah, NAR's chief economist, said some correction was expected, particularly after the strong sales month in October. "For all of 2002, we'll easily surpass the record of 5.3 million in sales in 2001, with sales topping the 5.5 million level."

Industry observers say consumers continue to take advantage of the low rates despite the weak economy and are buying homes instead of spending on other things or investing in the weak stock market.

"Many people, facing three straight years of stock market declines, have decided that homeownership is the foundation of their equity investments," Ms. Koops said.

The latest drop marked the third month since January that sales in Southwest Ohio, making up about 80 percent of the Tristate market, declined.

Year-to-date sales in Hamilton, Butler, Warren, and Clermont counties came in at 20,445, up 3.12 percent from 19,827 during the first 11 months of 2001. The average sales price through November hit $161,967, up 3.8 percent during the same period a year ago.

Sales in Kentucky, reported last week, continued their drop, coming in at 365 in November, down from 391 last November. For the year, sales mainly in Boone, Kenton and Campbell counties totaled 4,653 during the first eight months of this year, down from 4,736 a year ago.

E-mail jmckinney@enquirer.com.