U.S. Housing Market Tumbles Further

A two and a half year low in sales of existing homes and buyers' holding out for better deals are just a few signs of the accelerating tumble in housing markets.

1 minute read

August 25, 2006, 5:00 AM PDT

By Arnab Chakraborty


"Existing-home sales dropped 4.1 percent in July from June, to a seasonally adjusted annual rate of 6.33 million units, the National Association of Realtors reported. That is the lowest level since January 2004."

"Economists said the data showed that the housing market is following the traditional path of a slowdown: a drop in sales that is followed by a decline or a plateau in prices... The median nationwide price of a home sold last month was $230,000, up just 0.9 percent from the same month last year."

"Most economists, including Federal Reserve Chairman Ben S. Bernanke, expect the slowdown to be orderly. But with home builders reporting a sharp pullback in interest in new homes, existing home sales in many local markets now look set to weaken a while longer... Only in the South are prices still rising: the median home there sold for 3.2 percent more last month than a year ago."

Thanks to Jon Cecil, AICP

Wednesday, August 23, 2006 in The Baltimore Sun

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Use Code 25for25 at checkout for 25% off an annual plan!

Redlining map of Oakland and Berkeley.

Rethinking Redlining

For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.

May 15, 2025 - Alan Mallach

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

May 21, 2025 - Diana Ionescu

Rendering of California High-Speed Rail station with bullet train.

California High-Speed Rail's Plan to Right Itself

The railroad's new CEO thinks he can get the project back on track. The stars will need to align this summer.

May 19, 2025 - Benjamin Schneider

Two Rivian trucks charging at Rivian branded charging ports.

US Senate Reverses California EV Mandate

The state planned to phase out the sale of gas-powered cars by 2035, a goal some carmakers deemed impossible to meet.

4 hours ago - CALmatters

Metal U.S. Geodetic Survey marker in stone in Arizona.

Trump Cuts Decimate Mapping Agency

The National Geodetic Survey maintains and updates critical spatial reference systems used extensively in both the public and private sectors.

5 hours ago - Wired

Close-up of 10 mph speed limit sign.

Washington Passes First US ‘Shared Streets’ Law

Cities will be allowed to lower speed limits to 10 miles per hour and prioritize pedestrians on certain streets.

6 hours ago - The Urbanist