BUT, BUT, BUT, MY NEIGHBOR ED WAS ASKING $700K AND ONLY GOT $650K.....:

Homes for sale, but not for a song: Home sales nationwide have fallen 7 percent in the past year, but prices are up 3.7 percent. (Mark Trumbull, 8/16/06, The Christian Science Monitor)

"It's much more a stabilized, normal market," says Michael Maloney, managing broker at Keller Williams Realty in Richmond, Va. Prices continue to rise, he says, but unlike a year ago, "we're not seeing the frantic multiple offers and bidding wars." [...]

The pattern is evident in new data released this week by the National Association of Realtors. Despite a rise in both interest rates and the inventory of homes, the median sales price of previously owned homes was up 3.7 percent in the second quarter from the same period a year ago.

A clkassic case where no amount of reality can disabuse folks from believing their own anecdotes.

Posted by Orrin Judd at August 16, 2006 9:07 PM