Existing home sales plunge in July by 27%. Inventory nudges up to 12.5 months from 8.9 in June. 8 months is oft quoted as the break even number after which downward pressure on prices commences. Actually, inventory only increased slightly, so the big jump in months supply must be from dropping sales.
http://www.calculatedriskblog.com/2010/08/existing-home-sales-lowest-since-1996.html
Will this translate into more price declines, or a second dip? Well, we had a second dip earlier this year, which then faced the seasonal sellling gauntlet together with the tax credit expiration rush. However, we won’t know until about October, because Case Shiller lags by about two months and reports a three month average. Looks likely though, especially given this tanking in sales.
http://www.calculatedriskblog.com/2010/08/more-negative-news-flow-coming.html
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