While the market is certainly slower than a year ago, October’s sales numbers are painting a slightly brighter picture. September’s 3 month sales count was down 32% from a year earlier, while October saw a slight improvement, to just 25% below a year earlier (and when all the final numbers are in, which takes a few weeks, the drop will likely be about 23%). Inventory of available homes has also stopped its climb, retreating slightly from its September peak, and prices overall are holding pretty steady. While a slight pullback in prices on closed sales can be anticipated over the next couple of months, the operative word is "slight", and it looks like we’re heading into a period with prices in a range of 2005 levels, which was a very good year.
For a more in-depth analysis of the data, check out my Current Market Conditions page at http://rgdave.wpengine.com/current.asp. And come back here to leave your comments on where you think the market is and where its going.