MRIS released November's data for sales of existing homes in the District last Thursday. Prices continue to fall while more units are sold. Key points [YoY]:
- Dollar volume boomed 83.46%
- Average price is down 7.38%, median is down 6.43%
- Unit sales volume [aggregate] is up a whopping 98.08%
- Home unit sales up 82.39%
- Condo unit sales up 118.24%
Sales prices were 92.64% of list. At November's sales pace, there is a 4.44 month supply of condos [a decrease from October] and 5.15 month supply of homes listed for sale [slightly less than October].
Before anyone starts popping the champagne bottle and getting their real estate license, remember that this data reflect the effects of the economic crisis brought upon us by Wall Street's Bagatelle-brunching-bonus-bagging idiots, the same idiots who, having tossed the global economy over the cliff only to be rescued from permanent unemployment by the US taxpayer, now somehow think they're the masters of the universe "doing God's work."