SPDR S&P 500 (SPY)

[tw0122]

Housing market getting spanked. The number of new unsold single-family houses on the market keeps surging and in September jumped 16% from a year ago, to 331,000 houses (not seasonally adjusted), the highest number since January 2009, during the middle of the housing bust.

So, is it time to cut prices to move the unsold inventory languishing on the market? You bet.

In September the median sale price dropped, very embarrassingly, 3.5% from September last year, to $320,000. The median price is now down 6.8% from the glory days at the peak last November