Housing Market Remains Cool

According to a report today from the National Association of Realtors (NAR), the national median home price plummeted 3.5% to $221,000 from $229, 000 a year ago -- the largest year-over-year price drop since the NAR began keeping records in 1968, and "it's probably the largest price drop since World War II,'' said David Lereah, NAR's chief economist. It follows a 2.2% price decline in September and a 1.7% drop in August.

Further, the current housing inventory of 3.854 million homes in October 2006 is 7.4 months supply at the current sales pace, up from 4.9 months in October 2005.

Read the WSJ article here about the housing report.