Sellers Stuck With Real Estate Slowdown...

Sellers stuck with real estate slowdown, from the East Valley Tribune, reports that sellers are feeling the pressure of the slowdown in the resale market as sales of resale homes fell to the lowest level of sales since February 2003. And for the first time in more than 10 years, the year-to-year median home price in the Valley fell, from $263,000 in September 2005 to $256,900 last month. Through September, there were 52,390 existing home sales this year, compared with 88,750 for the same period last year. "A lot of it is the buyers aren't out there," said Jay Butler, director of the Arizona Real Estate Center at ASU. "The days of the big (price) increases are gone, at least for a while, so the buyer is very cautious about what they're going to do. And of course most buyers have to be sellers also, so it creates another problem." "What gets into your mind is, why would I buy now when in fact it may even go lower?", he added



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