Nero Visits US Housing Market
November 24, 2008 by Douglas A. McIntyre
Existing-home sales for October resumed falling and the median prices showed the largest drop on record. Existing home sales fell to 4.98 million annualized, lower than estimates of 5.0 to 5.13 million.
This is a 3.1% decrease from September’s revised 5.14 million annualized numbers.
The National Association of Realtors said that most home buyers have withdrawn from the market. The drop in stock prices and the deteriorating economy are main reasons. Inventories were lower by 0.9% to 4.23 million houses for sale, but that still represents a supply of 10-months. The association believes housing prices have to fall further for inventories to come back down.
The median home price in October was $183,300, down 11.3% from $206,700 in October 2007. The price was the lowest since March 2004 and the percentage drop was the largest on record since 1968.
Jon C. Ogg
November 24, 2008
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.