Will the median prices drop in summer 2007?

[EastSider]

The median price in the Seattle-Tacoma-Bellevue region has dropped by 1.3% in the past 6 months. Check out
http://www.housingtracker.net/askingpri ... a-Bellevue

Do you think that this trend will continue & we'll see a drop on a year-over-year basis (for the first time in many, many years)?

[T, V & Mr. B.]

[EastSider]

[Matthew]

If we are talking Y/Y I would speculate the drop in prices will occur at the end of the summer at the earliest. My guess is that we won't see a Y/Y drop until late 2007 or early 2008.

I think we still need to see inventory come up a ways from where it is at now.

[T, V & Mr. B.]

I think that now that there is more and more MSM news bits about housing drops, and even in Seattle, you will see people start putting their houses on the market more and more to try and beat the rush. Home Depots may start getting busy by people readying theri house for viewing. I will be shocked if we don't start seeing things sliding before the summer. I think this thing is gonna snow-ball pretty soon. Give it two months.

[Matthew]

TV&B,

You could be right... The only reason that I say the fall and/or late 2007 is it appears that the market peak was around October 2006. However, you could see inventory piling up in a hurry this spring, making for a rocky summer.

[EastSider]

[T, V & Mr. B.]

[EastSider]

[Matthew]