Home Sales Fall in 38 States
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New reports coming out of the National Association of Realtors show that only 12 states had increasing sales, while 38 states showed a decline. The states that were hit the worst were Nevafa, Arizona, Florida, and California.
While this news is not unexpected, the housing market is in the midst of a shakeout that is much more of a national scope than what was expected. It will be interesting to see the effects of it a year from now. Will the slowdown remain on a national basis, or will we see many of the markets re-emerge to positive gains.
The National Association of Realtors reported Monday that sales of existing homes fell in 38 states during the summer. Sales retreated to a seasonally adjusted annual rate of 6.27 million units nationwide, down by 12.7 percent from the same period a year ago. Nevada, Arizona, Florida and California led the declines.
Home prices also dropped: The realtors’ survey showed that the midpoint price for an existing home sold during the summer dipped 1.2 percent year over year to $224,900. Some 45 metropolitan areas saw home prices decline.
Meanwhile, the latest report of building permits showed the slowest pace of annual growth in nine years in October. Housing construction slid sharply as builders tried to curb swelling inventories of unsold new and existing homes.
Northwest Indiana News: nwitimes.com.
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Comment by Analysis Guy on 21 November 2006:
Today’s report on San Diego has been released!
Local Home Price Analysis
Comment by Austin Texas Realtor on 2 February 2007:
It’s basically a market correction that will bring everyone back from the insanity we saw for a few years. We went through it in Austin from 01-04. It will bounce back, but will take a couple of years.