I have for most months since July 2006 figured the median selling price for a free-standing home up to and including this month, February, 2012. It has been quite a slide. I built a graph to show this slide in more physical terms (see below).
The high was a median price of $319,000 in July 2006. As of February 2012 that had fallen off to $120,000. That is better than a 62% decrease. Per the chart below the steepest drop off was from around June 2007 to June 2009. For the last 12 months the drop off has been just over 8%.
How low will it go? Anyones guess. When prices were going up the sky seemed the limit. That was of course, wrong. Now it seems that there is no bottom. That is of course wrong also. We may be at it or very close. Inventories of available properties continue to shrink. The number of free-standing homes available right now is 7,135. That figure was over 8,800 two months ago and was over 13,000 in May 2009.
