Sales of single-family, re-sale homes were up 58.9% in September compared to last September. This is the third month in a row homes sales have been up year-over-year.
Year-to-date, home sales are off 11.3%.
Statistical home prices continue to fall due to the large number of bank-owned properties being sold. We expect the surge in sales to, eventually, reduce the bank-owned inventory.
The median price for homes fell below $500,000 for the first time since April 2002, reaching $475,000, a decline of 18.88% from August and a fall of 32.4% from last September.
Inventory was down 19.9% from last September. This is the fifth month in a row inventory has declined year-over-year.
Our Days of Inventory indicator is at 215 days. In a balanced market, the supply of homes is usually around five to six months.
Condo sales were up 19.4% from August, and up 68.2% year-over-year.
The median price for condos was down 3.6% from August, and off 13.4% compared to last September.
The bank-owned property is clustered in the condo and entry-level home market. They constitute the largest percentage of sales, thereby driving down statistical prices.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
These statistics are generated using information from the MLSListings Inc. MLS, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.
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