While the overall level of existing home sales is still well below the bubble peak (4.62 million vs. 7+ million in mid-2005), the trend is positive across housing markets and prices.
I'm a bit perplexed. Why the big drop in the West for the low end houses? I'm sitting in Phoenix (unfortunately) and the market at that end is frothy. Little supply and bidding wars for what does come on the market. It's mostly investor demand so not a good organic market but demand nevertheless.Is the drop a function of no supply and thus no closed sales or an some statistical glitch arising from the comparative periods?
I'm guessing it has to do with less distressed sales taking place. Those "less than $100k" homes are now going for more than 100k.
Also, demographic trends will eventually turn housing around as the Gen Y comes of age.