2007 was a horrible year for real estate volumes. Worst year since 1996. The first quarter of 2008 was even worse than that. News of an April 2008 that almost meets the same volume as April 2007 is no cause for celebration.
Too many listings is still too many listings. It may have taken a 9-month supply of listings to kill all upward momentum on prices, but that doesn’t mean that when we get back down to 9 months this more recent trend is going to slow down. I think it’ll have to get to 6 months before the prices start to stabilize.
