I rarely post things directly from other web sites as we pride ourselves on original content but I thought this Graph showed our Real Estate situation pretty dramatically. Our inventory, in each market, is roughly in line with the national picture but we have not yet seen this level of “Price Capitulation” I believe it is coming.
Normally you would find this in our “News from the Internet” section or on that E-mail list which you can get on here. It is different than the main list that you may be seeing this on.
According to the National Association of Realtors, the median sales price of a previously-owned home fell in August by a record 9.5% from year-ago levels. Meanwhile, the number of homes on the market equaled 10.4 months worth of supply (based on the current sales pace), not far below the record 11.2 level seen in April and more than twice this decade’s 4.7-month median.
Given the hefty supply overhang (and the fact that winter is fast approaching), odds are that home prices will continue to slip-slide lower in the months ahead.