The third quarter ended with a touch of good news, but overall continuing downward trends. The good news was the larger number of sales (if only by a single house) over last year—and with the exception of 2013, the best September since 2006. However, the monthly median sale was off almost $140,000. The average was even worse, down $320,000 (over 30%). Single month statistics can be misleading, but it is a point of concern. This is especially true when the inventory levels are blended in. With 209 houses on the market on October 1st, we continue to record 10 year highs in inventory for the month.
Year-to date the increase in closings for September brought us back under 10% from last year’s level for the same time frame. The median price continues to be the bright spot, 4.7% ahead of last year. Meanwhile, the average sale slipped below the 2014 level by a little over $16,000. And as would be expected overall single family sale volume is down by almost $16,000,000, close to 9.5%.