The median price of single-family homes sold during September declined a record 37.1 percent from a year ago to a median of $392,500. Record high home sales during the month of September continue to put increasing pressure on inventory. At the current pace of sales, that represents a 6.9-month supply, only slightly on the high end of the 5- to 6-month supply which real estate experts believe indicates a balanced market. Guaranteed, at some point in the future, we will see the market reverse course and prices will start to rise again.
Saturday, November 1, 2008
When to Buy and Sell in the San Fernando Valley
The median price of single-family homes sold during September declined a record 37.1 percent from a year ago to a median of $392,500. Record high home sales during the month of September continue to put increasing pressure on inventory. At the current pace of sales, that represents a 6.9-month supply, only slightly on the high end of the 5- to 6-month supply which real estate experts believe indicates a balanced market. Guaranteed, at some point in the future, we will see the market reverse course and prices will start to rise again.
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