USATODAY.com - Home prices could start falling: "Home prices could start falling
By Noelle Knox, USA TODAY
For the first time in more than a decade, home prices could start to fall around the country in coming months, the National Association of Realtors said Tuesday after a report showed that sales of existing homes fell in June and the number of homes for sale soared to their highest point since 1997.
Condo prices are already being hit: They fell 2.1% from June last year to a median $226,900 (median means half cost less and half cost more). Prices of single-family homes edged up 1.1% in June to $231,500. With a 6.8-month supply of single-family homes on the market and an eight-month supply of condos, sellers are under more pressure to cut prices, and buyers can be choosy.
David Lereah, NAR's chief economist, said he expects 'price numbers to start deteriorating,' though he still projects home prices will be up 5.3% for the year. "
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment