The bottom of the market doesn't appear in sight, given that the supply of homes for sale soared to 11 months, the highest in almost three decades. The average price and median price for a new home fell at double-digit rates from a year ago.
Short version: supply and demand are still horribly mismatched. That means prices:
Are coming down further.
Consider this quote from the same article:
While the sales data are subject to monthly volatility, "this is just gruesome and leaves no other conclusion than that the downturn in the U.S. housing market is still in full swing," ING Bank economist Dimitry Fleming wrote in a research note.
We're nowhere near the end of the mess in housing.