Listing prices, inventory flat

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

I’m taking a break from the rate freeze. Inventory of for-sale homes, and median listing prices, were fairly flat over the past week, according to Housing Tracker’s weekly analysis of MLS listings.

Median prices: Unchanged from previous week, at $499,000, which is down 9.3% over the past year.
Inventory: Down slightly from previous week, at 45,783, which is a gain of 23.2% over year-ago levels.

An e-mailer noted that asking prices have been fairly flat recently and asked whether I think this might be ‘an indication that a bottom has been reached?’ No, I don’t. We’re still in the same slow-motion train wreck, with lending guidelines still tight, sales activity still slow, would-be buyers still cautious, asking prices still high based on historical trends, and the economy still softening.

Date Median Price Inventory
4/06 $579,666 27,251
4/07 $545,000 35,489
5/07 $545,000 38,297
6/07 $540,000 40,766 (up 20.4% y/y)
7/07 $535,000 42,685 (up 14.5% y/y)
8/07 $529,000 44,483 (up 13.6% y/y)
9/07 $520,000 46,414 (up 16.9% y/y)
10/07 $510,000 46,603 (up 15.6% y/y)
11/12/07 $499,900 46,503 (Up 19.0% y/y)
11/26/07 $499,000 45,911 (Up 21.6% y/y)
12/3/07 $499,000 45,783 (Up 23.2% y/y)

Thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo Credit: L.A. Times