Sales of existing homes fell for the eight consecutive months in October, with median prices falling a record amount. The National Association of Realtors reported that sales of existing single-family homes and condominiums dropped 1.2 percent last month to a seasonally adjusted annual rate of 4.97 million units. The median sale price declined to $207,800 last month, a drop of 5.1 percent from a year earlier, the biggest year-over-year price decline on record. Analysts blamed the credit crunch that hit in August.
Jonah’s Thoughts:
The bad news: the decline is predictable and not over yet.
The good news: the overloaded inventory is being reduced, housing starts continue to be restricted and price reductions though hard on the home seller, are all good news as we look for the light at the end of the proverbial tunnel.
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