weekly median price and inventory update

Date Inventory
(SFH + Condo)
25th Percentile 50th Percentile
(Median)
75th Percentile
06/02/2008 46,949 $200,000 $280,000 $399,000
05/26/2008 47,187            $200,000        $285,000         $399,000

It looks like the 25th and 75th percentiles are holding steady but we have another 5K drop in the median price of homes listed. Inventory dropped just a couple hundred which is essentially insignificant.  The amount of preforeclosures in the pipeline indicates that inventory will continue to be placed on the market and sales will struggle to keep up with the deluge of homes especially if the “real” economy tips into recession.

An interesting thing is that the county is still projecting huge population growth over the next few years and is building infrastructure to meet needs. There was an article on this in the Press Enterprise this weekend. Hopefully the influx of people will help to keep demand for housing relatively high and will help stop the downward pressure on prices.

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~ by razor on June 3, 2008.

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