Recently the national media reported that home sales declined dramatically last month and housing prices posted their sharpest decline in four decades as a rapidly slowing economy discouraged many potential buyers from tip-toeing into the market.
This trend was also seen in the Seattle area as reported in the Seattle Times as people are waiting and looking for the “bottom” of the decline and wondering what the government will do with interest rates.
Seattle, Portland and Atlanta recorded their first double-digit annual declines in October, with Seattle down 10.2 percent, according to the Standard & Poor’s/Case-Shiller index of existing single-family home prices.
According to Brian Marshall of ReMax, on Queen Anne, the market has also slowed with longer “days on the market” (DOM) for houses. In November there were 100 homes in the “active” category with only 13 homes selling. The economy and the season are both contributors to this.
Sales of existing homes declined 8.6 percent last month, to a seasonally adjusted rate of 4.49 million, according to the National Association of Realtors, a trade association. The median price of a home fell 13 percent in November, to $181,300 from $208,000 a year ago. That was the lowest price since February 2004. The New York Times has lots of charts and graphs giving us a look at the national trends.