Resale home price plummets 17% in West

The supply of resale condos, co-ops, townhouses and single-family homes mushroomed to 11.2 months in April and prices dropped 8 percent year-over-year, the National Association of Realtors reported today.

A supply greater than six months is generally indicative of a buyer's market, and the supply is a gauge of how long it will take to deplete the inventory of for-sale homes based on the sales pace.

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