Tuesday, February 12, 2008

MRIS January Housing Report: First Glance

I've collected MRIS' data for sales of existing homes and condos in January 2008. I've not had a chance to do extensive analysis, but at first blush it looks like dollar volume and unit sales have fallen off a cliff despite higher average and median prices. I suspect the high end of the market is distorting the market reality. It's telling that days on market is approaching 3 months.

More later.

1 comment:

Anonymous said...

The day of reckoning is closer.

The strange thing here is that lower interest rates are propping up the real estate market. Eventually higher interest rates, will send prices crashing. If inflation takes off, the inflationary component of interest rates will predominate, no matter how low the Fed sets is discount rates.