Sneak peek: May housing trends don't look so hot here in South FL
Anyway, the May figures that were just posted look pretty awful. Here's the run down:
* Sales collapsed by 70.2% from a year earlier -- to 720 from 2,417 in May 2006.
* For-sale inventory bounced back from a dip in April. In fact, supply was up 12.9% year-over-year to a fresh cycle high of 24,852 (from 22,008 in 5/06)
* Median home prices dropped 5.2% YOY -- to $289,000 from $305,000 in May 2006. Average days on market also increased 58% to 144 from 91 a year ago.
Definitely no reason to jump for joy unless, of course, you're a buyer looking for a bargain. After all, you have more than 34 months worth of inventory to pick and choose from.