Existing Home Sales Drop -5.3% in January 2009 from December 2008
Existing home sales:
December 2008: 4.74 million annual pace
January 2009: 4.49 million annual pace
-5.3%
45% of total sales involve distressed property, including foreclosures
January 2008 median price: $199,800
January 2009 median price: $170,00
-14.8%
Average 30 year mortgage (According to Freddie Mac):
December 2008: 5.29%
January 2009: 5.05%
-4.54%
Home prices are down 27% from their 2006 high, according to the Standard & Poor's/Case-Shiller data released on Feb. 24th. The massive overhang in the supply of housing was down to 9.3 months in December from 11.2 months in November, the l
argest drop since the NAR started keeping records in 1999. However, the supply of housing is still over twice its long-term average of 3.5 months, insuring that the plentiful supply of houses on the market will continue to depress prices.
Supply of Pre-Owned Homes on the Market Measured in Months
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