Our market is similar to last month (March 2007). The supply of homes has been hovering between 6.4 and 6.5 months of inventory. The homes available for sale have ranged from 1305 to 1310.    Likewise, new homes available for sale have been steady at about 323 homes in the immediate Tri-Cities area.
 
What is interesting is that our supply is about 7% less than last year at this time. The median homes sales price for the 12 month period has increased from $153,500 to $162,000.  Newer homes seem to be in highest demand because most consumers are unwilling to do remodeling or repairs.   For those home buyers who have been waiting for the market to collapse, it appears that they have incorrectly forecasted the market.
 
It appears that our national news media has given some false expectations about our housing market’s future.