Current Price Trends
October market statistics just released by NWMLS show that median home prices continue to fall. This is the result of move-up buyers failing to enter the market in sufficient numbers. The $350,000 plus price range is seeing very little activity. New homes are being offered under $200,000. The index dropped to $257,129 which is back to price levels of March 2006.
Market Activity
October maintained one positive market trend. Home inventory decreased another 6% from 6929 to 6509 homes for sale. Inventory reduction is one of the keys to market recovery. Sales also showed a decrease, dropping from 916 to 694 for the month. This is the lowest figure since January. Given the severely challenged general economy news could be far worse.
Financial Market Trends
Interest rates were very volatile within the range of 6 – 6.5% as the market attempted to respond to the variety of economic stimulus efforts of the Federal Reserve and Treasury. When the dust settled, rates for 30 yr fixed mortgages showed no net change from the previous month. Strict underwriting continues to be a bigger challenge to
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