Monday, September 25, 2006

Nation Goes Negative

From the LA Times:

The national median home price last month suffered its first year-over-year decline in more than a decade as the housing market showed more signs of erosion from its boom years, according to figures released today.

The median sale price for all existing houses fell to $225,000 in August, a 1.7% drop from the same month last year, according to the National Assn. of Realtors. The median price is where half the homes sold for more and half sold for less.

It was the first such year-over-year decline since 1995 and the largest since 1993, according to economist Steven Wood of Insight Economics.
From the Wall Street Journal:
Last month marked the first year-to-year median price decline since April 1995, and it was the second biggest in the survey's 38-year history. Inventories of unsold homes rose to 3.92 million, a 7.5-month supply at the August sales pace, the most since April 1993.

1 comment:

chuck said...

"Captain, I believe we've hit an Iceberg"

"Nonsense, nothing to worry about, it was only a minor scrape along the midsection, everyong back to their posts, no need to alarm the passengers"