The latest statistics from NAR (National Association of Realtors) below, shows trends for the different sections of the United States and now indicates that the highest median price for a property is in the Northeastern states, with the West Coast coming in a close second. The Midwest shows the least expensive median price.
Looking at the supply of homes can be a good indicator of whether or not it is technically a buyer's market or a seller's market. This is also known as the absorption rate. If there is a 6 month supply of homes for sale, that is usually a balanced market. If there is less than a 6 month supply of homes, it would be considered a seller's market and if it is more than a 6 month supply, it would be considered a buyer's market. According to these national statistics, we are very close to the market becoming a seller's market. Of course this is a nationwide statistic, so many specific areas are still very much a buyer's market. But it HAS changed dramatically from previous years. Could it be we really are through the worst of it??
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