Last week the National Association of Realtors released its existing home sales number for August and it showed that sales of existing homes fell 2.2% in August from the previous month and that the median home price was $203,100 in August, down 9.5% from the year before. 10% decline from last year on a national basis? Ouch. Sales in California, Florida and Nevada, where subprime loans and foreclosures are heavily concentrated, showed increased sales and contributed to the price declines as banks and mortgage companies liquidate their foreclosed real estate loans.
What does this tell us about senior housing trends for the balance of 2008 and early 2009? Most seniors will stay in their homes longer unless their is a major medical or traumatic experience that would require them to leave the home sooner. While there may be deals that are in the sunbelt and the southwest, many seniors thinking of migrating south permanently might be waiting until next spring to hatch their retirement housing plans.