Tuesday, September 25, 2007
US house sales at 5-year low
Housing markets continued to slump across the nation in August. The number of homes sold dropped for the sixth straight month to their lowest level in five years, according to the latest report from the National Association of Realtors. Sales were down 4.3% from last month and 12.6% from last year. The slump pushed the glut of existing inventory to an all time high However NAR said median prices were stable. "Sellers are not being realistic about selling prices. Owners are still holding out for their asking prices.That explains the contradictory trend of fairly stable prices but sharply lower sales numbers. Prices will have to drop to clear the 10-month backlog of unsold inventory."