Housing inventory fell for the fourth week in a row, according to the latest data from Altos Research.
- Housing inventory ticked down slightly to 564,000 for the third week of November, this down slightly from last week’s 568k and is now down 2.2% from the 577k peak at the end of October.
Price. Median price of homes in the US is now $419,500, this is basically unchanged from last week but is down 7.6% from the peak in mid-June ($454,000)
Price Reductions. Price reductions have been climbing since bottoming out in March. However, they plateaued at 43.2% and had stayed there for three weeks before falling to 42.9% according to the latest report.
- Mike Simonsen, CEO of Altos Research, said last week that price reductions had reached its peak and then this week we see the first decline since the end of February.