US Inspect US Inspect

Existing Home Sales Update

The November results came out today for existing home sales, and they were far worse than anticipated.  Here are the year over year stats:

  • Rate:   4.49mm down 11% from one year ago (5.02mm).
  • Prices:   $181,300 down 13% from one year ago
  • Inventory:  11.2 months, up from 10.3 months last month!  This is the largest it has been.
  • Foreclosures:  45% of all transactions

Prices have fallen the most out West, and not surprising, existing home sale data is the strongest there.  We won't see a recovery until we see a pricing bottom which we may have seen in our Western markets.

Here’s the full story:

http://www.bloomberg.com/apps/news?pid=20601087&sid=av.sqUTa2.T0&refer=home