Sunday, September 30, 2007

Housing Market Continues to Soften

WASHINGTON -- Existing-home sales slipped 0.2% in July to a seasonally adjusted annual pace of 5.75 million homes, the lowest in five years, according to the National Association of Realtors (see top chart above). The median sales price dropped to $228,900, down 0.6% from the July 2006 level, which was the highest on record.

Inventories of homes for sale jumped 5.1% to 4.59 million, or about 9.6 months of supply at the current sales pace (see bottom chart above). A supply of about six months generally indicates a balanced market.


3 Comments:

At 10/01/2007 6:22 AM, Blogger holeydonut said...

Is there similar information available for New Housing Sales?

With the drop in interest rates you would assume that Existing Home Sales should be on its way down... maybe we'll see this in the next few batches of results.

 
At 10/02/2007 10:16 AM, Blogger juandos said...

Interesting question holeydonut...

I went to the Commerce Department and found the following: SEPTEMBER 27, 2007 AT 10:00 A.M. EDT

Erica Filipek or Steven Berman

Manufacturing and Construction Division

(301) 763-5160 CB07-135

NEW RESIDENTIAL SALES IN AUGUST 2007

Sales of new one-family houses in August 2007 were at a seasonally adjusted annual rate of 795,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.3 percent (±12.4%)* below the revised July rate of 867,000 and is 21.2 percent (±9.0%) below the August 2006 estimate of 1,009,000.

The median sales price of new houses sold in August 2007 was $225,700; the average sales price was $292,000. The seasonally adjusted estimate of new houses for sale at the end of August was 529,000. This represents a supply of 8.2 months at the current sales rate. (there is more)

 
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