Real Estate Economic Blog: Sales Decline, Prices Drop

For January 2009

Existing Home Sales: fell by 5.3% to 4.49 million. It has declined by 8.6% over the past year.

Single-Family Existing Home Sales: declined by 4.7% to 4.05 million. It dropped 7.1% over the past year.

Condo/co-op Sales: tumbled by 10.2% to 440k. It dropped 20.3% over the past year.

Inventory of Homes Available for Sale: declined by 2.7%.

Average Home Price: fell 13.3%

Median Home Price: declined by 14.8%

If you need real estate advice, feel free to contact me or visit www.westsidehomefinder.com. If you are interested in seeing if now could be a good time to refinanance your home, or get pre-qualified for a loan to purchase a property, don't hesitate to contact me or visit www.realpromortgage.com.

Source: National Association of Realtors