For the first time in years, Months Supply of Inventory is actually lower than it was one year ago. While the market remains firmly in the buyer’s favor, this indicates that the pendulum is slowly working its way back towards equilibrium.
Home price continue to move downward due to increase sales of foreclosures and short sales. The median sales price in January was $250,000, down 17.4 percent from last January.
Home sales are continuing their recent upswing as mortgage rates fall. Pending sales in January were up 16.3 percent over January 2008 with 8,028 units. Closed sales, which typically lag behind pending sales, were down 1.1 percent with 5,095 units.
