September sales of existing homes were 6.16 million, down from 6.3 million in August -- and from 7.2 million in September 2005.
The inventory of unsold homes was 7.3 million units in September, up from 4.6 million homes listed for sale in the same month a year ago. (And there may be many more sellers waiting in the wings, planning to list their home when the market "recovers.")
Prices are falling, too. The National Association of Realtors reported the biggest drop in home prices since it began tracking the data in 1968. The median sales price was $220,000 in September, down 2.2%, following a 2.2% decline in August. These two drops are the first time median home prices have fallen since 1995.
Monday, October 30, 2006
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