For three years in a row the median price in September has been $265,000. The average price has also been remarkably consistent in the year-over-year comparisons during that same time span.
It’s not until we look at the $100,ooo+ jump in the average and median price back between 2005-2006 that something appears amiss.
Year-over-year, sales were down 36.9% this past September and well below the average amount sold in previous years.
Normally a big drop in pending sales is usually just the end result of them firming up and moving over to sold status. However, looking at the weekly sales we see that isn’t the case this time:
While buyers are holding back for the time being, inventory has remained at elevated levels throughout the year and was up 45% from last September.
On a positive note, last month’s inventory didn’t reach the levels it did back in September 2007 or 2008. However the amount of unoccupied units (vacant and/or new construction) is almost on par.
September 2008 month-end inventory: 2659
September 2008 unoccupied units: 962
September 2010 month-end inventory: 2204
September 2010 unoccupied units: 954
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