Another myth shattered

'Prices never go down' - How many times have we heard that one.
Ooops... dont look now because:

Existing-home prices fall for 1st time in 11 years


The collapsing U.S. housing market crossed another milestone in August, as the median sales price of existing homes fell for the first time in 11 years and for just the sixth time in the past 38 years, the National Association of Realtors said Monday

The median sales price fell 1.7% year-over-year to $225,000 in August.

Sales of existing homes fell 0.5% in August to a seasonally adjusted annual rate of 6.3 million, the industry group said. It was the lowest sales pace since January 2004. Sales have fallen five months in a row. Sales are down 12.6% in the past year.

Realtors said the price decline shows the market is stabilizing, but other economists said the correction has a ways to run.

Meanwhile, inventories of unsold homes rose to a 13-year high.