Home Sales Remain Up While Prices Fall Slightly

Home Sales Remain Up While Prices Fall Slightly

Home Sales Remain Up While Prices Fall Slightly

The newest National Housing Report from RE/MAX for September 2011 shows that home sales rose 7.6% over the numbers for the same month last year. This comes from housing data collected from 53 metro areas. July saw a rise of 13% over 2010 and August saw a high of 18% increases. This reduced the inventory of homes for sale by 20% when compared to the market in 2010. However, the increases in sales was followed by a 3% decline in prices over last year. Increased sales are a good sign but would be better if paired with rising prices.

The number of closings this September fell like it always does at the end of the summer season. But when compared to figures from 2010 sales showed a great improvement. This means that transactions have been growing for at least four months this year. 44 areas surveyed saw improvements in home sales, with Des Moines, Iowa showing the best recovery. The Midwestern metropolitan city saw year-over-year improvements of 31%. Other areas showing good improvement include New England, with sales in both Trenton, New Jersey and Providence, Rhode Island growing over 20%.

The Median Sales Price recorded from the survey was just above $183,000. This is a 2.5% drop from August, and a 3% drop from September 2010. Price increases have been seen for 4 months of this year, with some markets seeing price increases while drops occur in others. Homes in Detroit, Michigan cost an average of 13% more than they did this time last year. Properties sold during September had been on the market for about 94 days, which is 6 days longer than 2010. It is also 4 days longer than the average for August 2011.


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