National Median Price Falls For 1st Time in 11 yrs

The national median price on previously owned homes fell in August, the first time it's done so in 11 years.

From The New York Times:

The National Association of Realtors reported today that existing home sales dropped 0.5 percent from July to August to a seasonally adjusted annual rate of 6.3 million units. That compares with a decline from June to July of 4.1 percent.

From the Los Angeles Times:

On a regional basis, the West was the only part of the nation in August to report an increase in the median sales price, a meager 0.3% rise to $345,000. Sales, meanwhile, fell 2.3%.

From the California Association of Realtors:

Home sales decreased 30.1 percent in August in California compared with the same period a year ago, while the median price of an existing home increased 1.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“We experienced the greatest year-to-year sales decline last month since August 1982, when sales fell 30.4 percent,” said C.A.R. President Vince Malta. “This is another indication that we’re in the initial stages of a long-anticipated adjustment in the market.

“Buyers today have a much greater selection of properties from which to choose, while some sellers are still clinging to price expectations that are no longer valid in today’s market,” he said.

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