The NAR today released the existing home sales for September:

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.0 percent to a seasonally adjusted annual rate1 of 5.04 million units in September from a downwardly revised pace of 5.48 million in August, and are 19.1 percent below the 6.23 million-unit level in September 2006….The national median existing-home price2 for all housing types was $211,700 in September, down 4.2 percent from September 2006 when the median was $220,900…Total housing inventory inched up 0.4 percent at the end of September to 4.40 million existing homes available for sale, which represents a 10.5-month supply

To put this in perspective, 10.5 months of inventory is the highest in almost two decades. Ugh.