If you are not familiar with http://www.calculatedriskblog.com and like to keep up on the economy, then get familiar. This site always has great updates on the latest news and issues effecting the economy. A recent article focused on the sales numbers that NAR put out for August of this year. They were very similar in nature to what we have here in Chester County. Here are a few examples:
- National sales were up about 7.6% from July, Chester County was up 12%.
- This was still down 19% from August 2009, Chester County was down 22%
- National inventory decreased slightly from July to 3.98 Million homes for sale
- Chester County saw a slight decrease as well, though very slight.
- Most troubling is the months of supply. July was 12.5 months, while august decreased to about 11.6. This is extremely high.
This author is in agreement with us that because the amount of inventory is so high and demand is low, prices have one way to go and that is down. Here are a few of the charts included in the original article which can be read here.
