Prices fall, inventories trend higher. Home prices fell again in February, as our price index fell to 22 from 25 in January, with any reading below 50 indicating lower home prices over the past 30 days. Prices likely declined in response to the fall in demand, weaker inventory trends and an increased time to sell. Our home listings index came in at 44 (from 33 in January), below a neutral reading of 50, indicating higher inventories over the past month (readings below 50). Our time to sell index also came in at 44 (from 33 in January), below a reading of 50, suggesting a longer time needed to sell a home. We think prices will face additional pressure from higher inventories and the increased time to sell, as well as from bank owned foreclosure inventory not currently on the market.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
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