One of our recurring themes over the past year has been that the laws of supply and demand are infallible: lower prices drive demand, which, in turn, lower supply and help prices recover.

The process is working before our eyes. REMAX reports that home sales prices are down 3.3 percent from a year ago (though prices have risen in recent months), and at the same time national home sales and median prices are up.

You can most clearly see this law of supply and demand at work in the hardest hit home markets. REMAX data shows that Florida has seen significant reductions in inventories as well as rising median list prices. In fact, Miami had the largest inventory reduction year-over-year at 49.3 percent, while the median list price in Fort Myers-Cape Coral, Fla. , was up 34.4 percent – the highest increase in the nation.

Some other hard hit areas, Las Vegas most noticeably, are still searching for a bottom. We suspect, though, that these areas are close to finding one (housing will not be depressed forever). Our chief complaint is that this bottom-and-recover process would likely occur at a faster pace if we could get more mortgage funds to more creditworthy customers.

Courtesy of Jessica Regan.

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