Well, it has been a tough year on many counts, especially real estate. As you can see in the chart below the inventory has stayed high and sales have stayed low throughout the year. Inventory has come down slightly by the end of the year, but sales also declined.
Comparing the fourth quarter of 2008 with the fourth quarter of 2007 shows average days on market is slightly higher than this time last year. Inventory is slightly higher than this quarter last year and number of sales are significantly lower. Median home prices have also declined, by about 10% in the last year.
We are currently at almost 17 months of inventory. This means that at the current rate of sales it would take 17 months to sell off the current inventory. We are not at the bottom yet.
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