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According to The National Association of Realtors, existing home sales fell again during May to the lowest level in the past four years. This news should really come as no surprise as the sub-prime mortgage problems continue to weigh down the ailing housing market.
As the number of existing home sales falls, so does the average price for homes in the market. Last month was the 10th straight month of falling home prices, and there really is no sign that this trend is likely to reverse any time soon. So, on the bright side, for all of you looking to buy a new house, the home of your dreams is getting more and more affordable each passing month.
The average price for an existing home across America is now only $223,700. This represents a 2.1% drop from last year.
A few years back it was definitely a sellers market, with prices shooting through the roof. Those days are gone. It has been a long time since I heard any of my friends bragging about how much money they just made flipping their most recent home purchase.
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