California, with their 40+% median price drop year-over-year, are just a bit further along in the process than most of the country. I'd wait until this
Quote:
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"Deeply-discounted, distressed sales continue to drive volume in many regions of the state."
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Is no longer the case before really considering a solid bottom being formed in that market. With distressed sales driving the market, I think stability is still a long way from being a sure thing.
Then again, there's only so many 40% annual price drops you can have before prices start to be reasonable again, so the bottom shouldn't be more than a few more years away.
Here's the national numbers (http://www.realtor.org/press_room/news_releases/2008/july_ehs_show_gain (broken link))
[quote]Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.1 percent to a seasonally adjusted annual rate of 5.00 million units in July from a downwardly revised level of 4.85 million in June, but are 13.2 percent lower than the 5.76 million-unit pace in July 2007.
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Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2.-month supply at the current sales pace, up from a 11.1-month supply in June.[quote]
So there's a slight blip up in sales (after two months of drops), but they're still lower than last year. The increased sales aren't keeping up with the rising inventory, however.
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