Listing prices are now $155K below peak levels; inventory is flat

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Two headlines duel in this week’s analysis of MLS listings from Housing Tracker: Median listing prices dropped another $1,000 over the week and are now $155,000 below their bubble peak, while inventory dipped again and is now even with year-ago levels.

At $424,000, median listing prices are down 20.7% from year-ago levels -- the steepest decline yet measured in this slump -- and are 26.9% below their peak level of $579,666. The inventory of homes and condos for sale dropped by just over 1,000 units and is now just 0.8% ahead of year-ago levels.

I’m curious to hear your thoughts and theories on this: What’s going on with inventory?

Date Median listing 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)
11/07 $499,900 46,503 (up 19.0% y/y)
12/07 $495,000 (down 10.0% y/y) 43,174 (up 28.2% y/y)
1/08 $479,900 (down 12.6%) 40,850 (up 33.3% y/y)
2/08 $475,000 (down 13.5%) 43,625 (up 38.3%)
3/08 $464,900 (down 15.5%) 42,098 (up 31.4%)
4/08 $450,000 (down 17.4%) 42,430 (up 16.7%)
5/08 $449,900 (down 17.4%) 42,532 (up 11.1%)
6/08 $440,000 (down 18.5%) 42,398 (up 4.0%)
7/7/08 $425,000 (down 20.6%) 44,726 (up 5.2%)
7/14/08 $425,000 (down 20.6%) 44,636 (up 4.6%)
7/21/08 $424,000 (down 20.7%) 43,584 (up 0.8%)

Posted by Peter Viles
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