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.
"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
Read the full story: Housing market cooling rapidly
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