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June 11th, 2007 2:38 PM by David W. Welch
Sales are down from last year by over 45%, but the median price took a big bounce from April's $242,100. The median of $249,900 is still slightly down from the median last May of $250,000.
Interest rates remain stable at just under 6%, so the market is continuing to favor buyers. We still are not seeing any big drops in prices. I believe this is a reflection of a couple of things. Many sellers do not have to move, and there are investors that are choosing to rent their properties rather than take big losses. Also, the builders have radically scaled back.