Industry NewsMarkets & Economy

Resale home price plummets 17% in West

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The supply of resale condos, co-ops, townhouses and single-family homes mushroomed to 11.2 months in April and prices dropped 8 percent year-over-year, the National Association of Realtors reported today. A supply greater than six months is generally indicative of a buyer's market, and the supply is a gauge of how long it will take to deplete the inventory of for-sale homes based on the sales pace. The supply of single-family homes for sale reached 10.7 months in April, the highest level since June 1985 when it stood at 11.4 months. And the supply of condos and co-ops jumped to 14.2 months in April. By comparison, the average months' supply for all resale home types was 4.4 months in 2005. The median price of resale homes dropped 16.7 percent in the West, 7.7 percent in the Northeast, 5.1 percent in the South and 2.9 percent in the Midwest in April compared to the same month last year. Resale home sales dropped to a seasonally adjusted annual rate of 4.89 million in April, ...