Real estate update: lower prices

Inventory of homes is up just a bit, while the price tags appear to be coming down. 

The Multiple Listing Service this past weekend listed 133 properties for sale, compared to 126 which were on the market a year ago.  That’s an increase of 5.5%. 

Pricing is showing a greater change. A year ago the average listing price was $2.31 million. This month, its $2.065 million, a drop of 11%.  In January 2007, the median house price was $1.7 million, today it’s $1.5, 12% lower.

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