Median price down nearly 5 percent from a year ago, Realtors report


WASHINGTON - Sales of existing homes fell for the sixth straight month in January, dropping to the slowest sales pace on record. Median home prices were also down and many analysts predicted further price declines in the months ahead given high levels of unsold homes.

The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units. That was the slowest sales pace, going back to 1999, and was seen as evidence that the steepest slump in housing in a quarter-century has yet to hit bottom.

The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago. Particularly alarming, analysts said, was the fact that the inventory of unsold homes jumped to a 10.3 months’ supply, meaning it would take that long to sell the 4.19 million homes on the market at the January sales pace.

Funny quotes from above article:


Sen. Charles Schumer, D-N.Y., said the further bad news on existing home sales should be a wake-up call to Congress and the administration that more needs to be done to help the distressed housing market.

“The housing crisis has mushroomed in part due to Washington’s inaction,” he said. “Declining home values cut to the very heart of families’ sense of financial security and our economy’s overall health.”


Yeah, sure. It wouldn't have anything to do with stated income loans and 100% financing. The gov't should rescue these poor people.


Lawrence Yun, chief economist for the Realtors, said he believed the housing market may be on the verge of bottoming out with a rebound expected to start toward the end of this year. He said he expected demand to be bolstered in coming months by the housing sections of the $168 billion economic stimulus bill passed earlier this month. Those provisions raise the caps on the size of loans that can be backed by Fannie Mae and Freddie Mac and the Federal Housing Administration, an increase that is expected to provide help in high-cost areas of the country such as California.


Mr. Yun states the bottom is near once a quarter. Raised caps are useless if no one can qualify! I wonder if he and the Iraqi Information Minister are friends.

:rofl:

I really need to start looking for a home right now. My fizzling lazy ass needs to hit the pavement and look!!

Start looking now and learn about the areas that interest you. There will be plenty of time to buy.

You better have 20% to give down , or all star credit. I have neither so I am fawked.

save up 20%. can't be that hard with your baller salary.

I would love to buy a home at the end of the year. That would go well with me needing to move out of housing.