The National Association of Realtors announced today that existing home sales for April 2008 declined 1.0% from the previous month and declined by 17.5% versus the previous year. The national median sales price for existing homes was $202,300 which is 8.0% below a year ago.
There are now 11.2 months supply of homes on the market. 6 months supply is where supply and demand are balanced. 11.2 months supply for combined single-family homes and condos is the highest level on record since the NAR started tracking this in 1995. Condos were at a record 14.2 months supply and single-family homes were at 10.7, the highest since 1985.
Inventory reached 4.552 million homes. Inventory normally peaks in the summer months. The growth in inventory had seemed to stabilize over the last few months, but now is reversing course. Months supply also is surging up after pausing for a few months.
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