June's median home prices dropped to $295,000 from $297,000 in May. Worse, is that July 2, 2007 had 60.4% more homes on the market than July 2, 2006. There were also 18.5% less closed sales in June 2007 than a year ago. This is telling me that the real estate market is definitely different than in the past few years. It is currently a Buyer's market. I'm not alone in this belief, as Tuesday's article in the Oregonian has a few thoughts from other real estate professionals.
Over the course of the next few weeks and months, we'll discuss what a Buyer's market is and what it means to you as a buyer, seller or investor.
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