"In 2007, the total number of property transactions was 788,518, a drop of 13.93 per cent over 2006," the CRE, an organisation that collects data on property transactions, said in a report.
The largest drop was in sales of older homes, which saw a decline of 15.05 percent, compared to 12.41 percent in new properties, it said.
In the fourth quarter, the decline was even more pronounced, with transactions plummeting 21 percent from 203,993 in 2006 to 161,906 in the same period in 2007.
