Summary: Home sales are down and, in the second sharpest decline in almost forty years, U.S. median home prices dropped 1.7% since last year. Some of the statistics issued by the National Association of Realtors: sales of existing homes were down 0.5% from July and 12.6% from last year; condo sales were down 3.5% from July and 14.5% from last year; single family home sales were down 12.3% from last year; condo prices fell 2.4% from last year; and inventory of unsold homes rose 1.5% last month to the biggest supply since April 1993. Thomas Lawler, former Fannie Mae economist notes "You've got a ways to go. You still have affordability issues in a lot of markets." Full WSJ article >
Related links: National Association of Realtors Press Release • Home Prices Fall For First Time in Decade • Contrarians Moving Into Housing Stocks • Housing Weakness Poses Significant Risk to GDP and Stocks
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