Inventory of unsold homes hits 15 year high! What's going on in your neck of the woods?

By
Real Estate Agent with Keller Williams Realty of Newport

NAR reported today that the inventory of single-family unsold homes is up to a 9.2 month supply.  I'm sure you'll all agree that the "mortgage meltdown" certainly isn't helping matters.  The last time we saw inventory this high was back in October of 1991.  For all types of properties (single family, condos, etc) the average is up to a 9.6 month supply but NAR has only been tracking those stats since its last high in '99.

 What's going on in your neck of the woods?

 

 

Posted by:

John Cain
Broker Associate
Keller Williams Realty of Newport

809 Aquidneck Avenue
Middletown, RI 02842
 

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nar stats newport ri home sale statistics rhode island and across the country

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Rainmaker
226,587
Joan Snodgrass
Midamerica Referral Network
WE have a rather stagnant market.  Sellers seem to be sitting it out.
August 27, 2007 05:07 PM
Ambassador
1,224,037
William Johnson
San Diego Real Estate Voice, GRI CRS e-Pro CDPE
RE/MAX Associates
Same as NAR reported.
August 27, 2007 05:09 PM
Rainmaker
629,152
Fran Gaspari
"The Title Man" - Title Insurance - PA & NJ
Patriot Land Transfer, Inc.

John,

We're right there in our area also. Listings all over the place. No sold signs. I think it would behoove agents to 'thin out' the number of signs in some areas. I still believe that 'Consumer Confidence' and employment uncertainties outweigh the mortgage meltdown factor. Thanks,   Fran

August 27, 2007 05:23 PM
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Rainer
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John Cain

Broker Associate
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