Here's what I thought would happen:
MOI 6.5
MOM price change -1-2% in most of the categories (attached is always an odd one)
YOY- I think we will still be up 4-5% YOY after October's disappointing rebound.
Here is what happened from Larry Yatter's number.
Average SFH down 2% MOM.
MOI 6.3
However we are up 8-9% YOY still.
All categories showed drops.
Listings 14% higher than last year and sales down 12%.
Very different from last year when we saw the summer lull give way to a fall buying spree and dropping inventory. Maybe we have finally seen home prices reach their maximum level of unaffordable frenzy, maybe the bubble can no longer be blown up.
Fall 2011 is very different from Fall 2010 but we need a lot more to declare this lunacy ended.
