Birmingham June Real Estate Sales A Bit Light

Birmingham Area MLS* Monthly Observations for June 2012

Sales in June improved 12% to $248,919,439 from May’s $222,870,833, up 13% from last June’s $220,590,225. The 12 month moving average line for total dollar sales continues to be tilted upward.

Unit sales were up 3% to 1,313 in June from 1,272 in May, an increase of 41. This is up 4% from June 2011 at 1,262. This is 11% unfavorable to our projection of 1,483 sales expected for June and 9% unfavorable year to date. The complete monthly projections from ABRE (a joint project between ACRE and Brander Real Estate) can be found here http://goo.gl/WFHrO along with the worksheets that show the methodology. New sales improved 17% to 156 homes this month from 133 in May, an increase of 23 units. Used sales improved 2% to 1,157 homes in June from 1,139 last month, an increase of 18 (Sect E p.3).

This month total inventory is 21% lower at 10,132 vs. 12,794 last year and 10,930 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. Still, there is less of a seasonal increase in listings than last year. Active New listings decreased to 720 in June from 1,044 in May, a decline of 324 units (Sect E p.3). Housing permits went down for Jefferson County to 100 for May, down from 107 for April. Shelby County permits increased somewhat (see website for details).

Absorption rate for New and Used homes is improving. New homes are at 6 months supply this month with an improving sales pace, and better than last year at this time at 10 months (Sect E p.3). New home supply seems to be in a “normal” state. Under $100,000 New homes are at 10 months supply and improving. The New homes in the $100,000-$400,000 price range have normal inventory levels in the 6-7 month range. (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in June shows 10 months, four months better than the 14 months last year. Used Active listings at 9,412 are lower than the 11,766 last year (Sect E p.3), (Sect E p.3).

Birmingham area Average Days on Market for New houses was 185 compared to last month at 215 . The Used homes DOM was 136 in June, compared with 149 last month (Sect A p.18). NOTE: DOM for Used homes indicates that well priced homes are moving in less than 6 months. If the home is not selling, reduce the price, particularly since we are in the most active sales season of the year.

Average sales price for Sold New homes increased to $254,236 from $245,504 last month (Sect A p2). Average sales prices for Sold Used homes increased to $180,863 from $167,005 last month (Sect A p2). The twelve month moving average price line for Used Homes has been quite steady since mid 2009. The 12 month moving average line for New home prices has been heading up quite nicely since the beginning of the year. Average Home prices, new and used, have stabilized  (Sect A p2). The price of any specific home still remains under pressure.

The differences between our numbers and the Board of MLS numbers are  due to our taking in all the data in the MLS system while they report on a more concentrated area picked from the whole, so we have more of the surrounding rural areas, which are not showing as robust growth right now.

TWB 7/14/12

Birmingham April Real Estate Sales Continue An Improving Trend

Birmingham Area MLS* Monthly Observations for April 2012

Sales in April improved 10% to $189,845,478 from March’s $172,627,863, up 20% from last April’s $158,607,279. The 12 month moving average line for total dollar sales has tilted upward nicely.

Unit sales were up 5% to 1,175 in April from 1,123 in March, an increase of 52. This is up 15% from April 2011 at 1,026. This is 7% unfavorable to our projection of 1,264 sales expected for April and 9% unfavorable year to date. The complete monthly projections from ABRE (a joint project between ACRE and Brander Real Estate) can be found here http://goo.gl/WFHrO along with the worksheets that show the methodology. It appears that the results are closing in on projections as the spring unfolds. New sales declined 4% to 108 homes this month from 113 in March, a decrease of 5 units. Used sales improved 6% to 1,067 homes in April from 1,010 last month, an increase of 57 (Sect E p.3).

This month total inventory is dramatically lower at 10,177 vs. 12,884 last year and 10,627 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. Still, there is less of a seasonal increase in listings than last year. Active New listings decreased to 774 in April from 1,108 in March, a decline of 334 units (Sect E p.3). Housing permits went up for Jefferson county to 120 for March up from 95 for February. (see website for details).

Absorption rate for New and Used homes is improving. New homes are at 6 months supply this month with a reduced sales pace, and better than last year at this time at 9 months (Sect E p.3). New home supply seems to be in a “normal” state. Under $100,000 New homes are at 14 months supply and improving. The New homes in the $100,000-$400,000 price range have an almost normal inventory level in the 6-7 month range. (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in April shows 10 months, four months better than 14 months last year. Used Active listings at 9,403 are lower than the 11,761 last year (Sect E p.3), (Sect E p.3).

Birmingham area Average Days on Market for New houses was 233 compared to last month at 194 . The Used homes DOM was 136 in April, compared with 146 last month (Sect A p.18). NOTE: DOM for Used Homes indicates that well priced homes are moving in less than 6 months. The high months of inventory indicates that sellers, including bank owners, are still holding out for higher prices. Again: If the home is not selling, reduce the price, particularly since we are in the most active sales season of the year.

Average sales price for Sold New homes decreased to $228,311 from $237,235 last month (Sect A p2). Average sales prices for Sold Used homes increased to $154,525 from $144,377 last month (Sect A p2). The twelve month moving average price line for Used Homes has been quite steady since mid 2009. Average Home prices, new and used, have stabilized  (Sect A p2). The price of any specific home still remains under pressure.

TWB 5/10/12

Huntsville, North Alabama April Real Estate Sales Way Better Than Last Year

Huntsville/North Alabama Area MLS Observations: Real Estate Market April 2012

April sales improved 16% to $130,145,324 vs. March at $112,517,881 This was 41% above last year’s $92,039,477. The twelve month moving average line on the total dollar sales chart is flat, but with a small hook up at the end.

Total unit sales increased 9% to 792 in April vs. 725 in March, an increase of 93. This was 45% favorable to last year at 547.

Note that our projection for April was 744, so the actual results were 6% favorable for the month and less than 1% favorable year to date. (Full spreadsheets and projections (a joint project between ACRE and Brander Real Estate) are available at  http://goo.gl/WFHrO) .

New sales were up slightly to 126 this month vs.124 last month.
Used sales increased to 596 this month vs. 505 last month, increasing 91 (Sect E  p.3).

Used inventory levels remain high this month at 12 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $100,000 are still over 12 months of inventory and over $500,000 have about two or more years of inventory.

New home absorption is 8 months of inventory overall, (with last month at 10 months) (E-1). The New Home inventory level in the $300,000-$400,000 is approximately 5 months (not bad).

There continue to be a large number of housing permits issued in Huntsville city given the market conditions. For March there were 83, up from 65 in February (chart on the web site).

Total Active listings decreased this month to 8,451 compared to last month’s 8,798, which is below last year at this time at 10,763, with the reduction exaggerated due to month-end expirations.
(Sect A p.4 and Sect E p.3).  The reduction in inventory is a good thing.

Active New listings decreased from 1,462 last month to 1,162 in April, down 300. (Sect E p.3). Active Used listings decreased from 7,336 last month to 7,289 this month, down 47 and below last year’s amount at this time of 8,007. (Sect E p.3).

Average Days on Market for Sold New homes was 197 vs.167 days last month, with Used at 149 in April compared with 165 in March (Sect A p.18). Days on Market at or below 6 months, while the inventory numbers are way higher, indicates well priced homes are selling. Sellers, including bank owners, who do not adjust to the new price reality contribute to the buildup of inventory.

Average sales price for Sold New homes was $236,156 vs. $235,148 last month. (Sect A p.2)
Average sales price for Sold Used homes was $145,042 vs. $136,046 last month. (Sect A p.2)

The average price lines for Used homes, which was on an upwards slope for a while, is now on a downward trend. New homes average price seems to be showing some positive direction. Prices for individual properties remain under pressure.

TWB 5/10/12

Birmingham March Residential Real Estate Sales Soft

Birmingham Area MLS* Monthly Observations for March 2012

Sales in March improved 17% to $162,227,603 from February’s $139,164,184, down 1% from last March’s $164,121,105. The 12 month moving average line for total dollar sales is tilted upward.

Unit sales were up 15% to 1060 in March from 919 in February, an increase of 141. This is off 1% from March 2011 at 1,076. This is 21% unfavorable to our projection of 1,279 sales expected for March and 15% unfavorable year to date. The complete monthly projections from ABRE (a joint project between ACRE and Brander Real Estate) can be found here http://goo.gl/WFHrO (along with the worksheets that show the methodology). It is likely that the results will close in on projections as the spring unfolds. New sales declined 11% to 102 homes this month from 114 in February, a decrease of 12 units. Used sales improved 19% to 958 homes in March from 805 last month, an increase of 153 (Sect E p.3).

This month total inventory is dramatically lower at 10,138 vs. 12,900 last year and 10,720 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. Active New listings decreased to 834 in March from 1,123 in February, a decline of 289 units (Sect E p.3).Housing permits showed an increase in Jefferson County to 95 in February from 79 in January. Shelby County was down to 15 from 20 (see website for details).

Absorption rate for New and Used homes is improving.New homes are at 7 months supply this month with a reduced sales pace, and about even with last year at this time at 8 months (Sect E p.3). New home supply seems to be stable. Under $100,000 New homes are at 20 months supply. The New homes in the $100,000-$400,000 price range have an almost normal inventory level in the 6-7 month range. (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in March shows 10 months, four months better than 14 months last year. Used Active listings at 9,304 are lower than the 11,754 last year (Sect E p.3), (Sect E p.3).

Birmingham area Average Days on Market for New houses was 194 compared to last month at 208 . The Used homes DOM was 146 in March, compared with 153 last month (Sect A p.18). NOTE: DOM for Used Homes indicates that well priced homes are moving in less than 6 months. The high months of inventory indicates that sellers, including bank owners, are still holding out for higher prices. Again: If the home is not selling, reduce the price, particularly since we are in the more active sales season of the year.

Average sales price for Sold New homes decreased to $237,079 from $237,357 last month (Sect A p2). Average sales prices for Sold Used homes increased to $144,098 from $139,262 last month (Sect A p2). The twelve month moving average price line for Used Homes has been quite steady since mid 2009. Average Home prices, new and used, have stabilized  (Sect A p2). The price of any specific home still remains under pressure.

TWB 4/6/12

Birmingham January Real Estate Sales Better Than Last Year

Birmingham Area MLS* Monthly Observations for January 2012

Sales in January declined 23% to $111,138,976 from December’s $144,973,823, up 7.6% from last January’s $103,296,527. The 12 month moving average line for total dollar sales remains tilted slightly upward.

Unit sales were down 22% to 753 in January from 963 in December, a decrease of 210. This is a 10% improvement from January 2010 at 684. This is 5% unfavorable to our preliminary projection of 792 sales expected for January. This error will be less as late sales are reported next month. Our full year projections will be revised when the final January 2012 unemployment rate is released in late March. New sales declined 37% to 82 homes this month from 130 in December, a decrease of 48 units. Used sales declined 19% to 671 homes in January from 833 last month, a decrease of 162 (Sect E p.3).

This month total inventory is dramatically lower at 9,812 vs. 12,183 last year and 10,414 last month. The significant drop in the current month is caused by month-end expirations which should come back on the market shortly. Active New listings decreased to 829 in January from 1,073 in December, a decline of 244 units (Sect E p.3).Housingpermits showed a decrease in Jefferson County to 64 in December from 77 in November. Shelby County was down to 6 from 19 (see website for details).

Absorption rate for New and Used homes is improving. New homes are at 7 months supply this month with a reduced sales pace, and even with last year at this time (Sect E p.3). New home supply seems to be stable. Under $100,000 New homes are at 16 months supply. The New homes in the $100,000-$500,000 price range have an almost normal inventory level in the 6-8 month range. (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in January shows 10 months, three months better than 12 months last year. Used Active listings at 8,983 are lower than the 11,038 last year (Sect E p.3), (Sect E p.3).

Birmingham area Average Days on Market for New houses was 215 compared to last month at 209 . The Used homes DOM was 143 in January, compared with 141 last month (Sect A p.18). NOTE: DOM for Used Homes indicates that well priced homes are moving in less than 6 months. The high months of inventory indicates that sellers, including bank owners, are still holding out for higher prices. Again: If the home is not selling, reduce the price, particularly since we are in the slower sales season of the year.

Average sales price for Sold New homes increased to $243,501 from $237,784 last month (Sect A p2). Average sales prices for Sold Used homes decreased to $135,875 from $136,929 last month (Sect A p2). The twelve month moving average price line for Used Homes has been quite steady since mid 2009. Average Home prices, new and used, have stabilized  (Sect A p2). This is for the most part a reflection of the change of “mix” with more larger homes being sold, but the price of any specific home still remains under pressure.

TWB 2/11/12

Baldwin County Slow Real Estate Sales in January

Baldwin County & Alabama Coastal MLS*: Observations for the Month of January 2012

Sales Dollars decreased 19% in January to $46,905,756 from December’s $57,963,803. This is 14% below January last year at $54,787,622. (Sect A p.2). The 12 month moving average line of sales flattened out once again. Inventories are continuing to come down quite dramatically. Unit sales have recovered to normal levels. Dollar sales still lag reflecting fewer high end sales and lower prices. This situation is starting to reverse, with more high end homes selling. Still, it is unlikely that prices will increase for a while.

On a unit basis, sales of all houses declined 11% to 269 this month vs. 303 last month, which is 3% down from last year’s 278.

Used Home sales declined 14% to 238 this month vs. 278 last month, which is down 7% from last year’s 255 (Sect A p.18). New Home sales were 31 this month vs 25 last month. Low sales of New homes reflects intense competition from existing, and the shutdown of new construction.

New listings for New homes increased to 47 from 34 in December. Used houses New listings increased to 692 from 425 in December with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has once again been improving. In January, there were 3,517 Active Used homes, a reduction from 3,755 in December. The New home market, which peaked in January 2006 at 2,144 Active, now sits at 321.

The Absorption rate for New homes was 12 months of inventory for January vs. 13 in December. The Absorption rate for Used homes was 10 months of inventory for January vs. 11 in December. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in January 2008 to 10 months this January.

Average sales price for all homes has been stable for the past year. For New units, prices decreased to $187,616 from $192,034 last month. (Sect A p.14). Average Used home prices decreased to $172,646 from $191,234 in December.

Average Days On Market for New Sold properties in January was 229 this month vs. 186 last month. Days On Market for Used was 161 this month vs.169 last month.

While we have developed some interesting projections for the real estate market in the statewide, Birmingham and Huntsville markets, the numerous events on the coast such as the oil spill and several tropical storms, make the methods we used in the other markets unsuitable for the coast, but we are thinking about the problem!

TWB 2/11/2012

Birmingham Area Sales Better Than Last October

Birmingham Area MLS* Monthly Observations for October 2011

Sales in October declined 22% to $142,502,706 from September’s $182,338,976, up 14% from last October’s $125,540,265. This month to month fluctuation is a somewhat larger seasonal contraction than normal. Keep the expiration of last year’s tax credit in mind when looking at year ago comparisons. The 12 month moving average line for total dollar sales remains tilted slightly upward.

The following chart shows how each of the last few years stacks up on a monthly basis.

Birmingham October Monthly Sales

Total unit sales were down 16% to 959 in October from 1,137 in September, a decrease of 178. This is a 27% improvement from October 2010 at 753. New sales declined 36% to 92 homes this month from 144 in September, a decrease of 52 units. Used sales declined 13% to 867 homes in October from 993 last month, a decrease of 126 (Sect E p.3).

This month Total Inventory is lower at 10,860 vs. 13,286 last year. Active New listings decreased to 923 in October from 1,162 in September, a decline of 239 units (Sect E p.3).Forthethirdmonth, housingpermits showed a decrease in Jefferson County to 89 in September from 140 in August. Shelby County was up to 21 from 16 (see website for details).

Absorption rate for New and Used homes last month remain high. New homes at  8 months supply this month and a reduced sales pace, is one month worse than last year at this time (Sect E p.3). The situation remains distressed. New home supply seems to be stable. Under $100,000 New homes are at 13 months supply. (Sect C p.1 and Sect E p.3.) New home inventories in higher price ranges (above $400,000), remain excessive at over a year.

Absorption for Used homes in October 2011 shows 9,937 Used Active listings as a lower number than 12,036 last year (Sect E p.3), which is 11 months of supply, a bit better than 14 months last year (Sect E p.3).

Birmingham area Average Days on Market for New houses was 207 compared to last month at 206 . The Used homes DOM was 149 in October, compared with 149 last month (Sect A p.18). NOTE: DOM for Used Homes indicates that well priced homes are moving in less than 6 months. The high months of inventory indicates that sellers, including bank owners, are still holding out for higher prices. Newsflash: If the home is not selling, reduce the price, particularly since we are in the slower sales season of the year.

Average sales price for Sold New homes decreased to $220,857 from $222,602 last month (Sect A p2). Average sales prices for Sold Used homes decreased to $140,927 from $151,344 last month (Sect A p2). The twelve month moving average price line for Used Homes has been quite steady since mid 2009. Average Home prices, new and used, have stabilized  (Sect A p2). This is mostly a reflection in the change of “mix” with more larger homes being sold, but the price of any specific home remains under pressure.

By the way we have developed some interesting statistical data that appears to be highly predictive of the overall residential sales level a year or more in advance. Give me a call if you might like to discuss.

TWB 11/12/11

Alabama Coastal Real Estate Looking Better This October

Baldwin County & Alabama Coastal MLS*: Observations for the Month of October 2011

Dollar sales this month decreased 11% to $68,050,461 from September’s $76,595744. This is 19% above October last year at $57,221,979 when sales were impacted by the oil spill and the tax credit expiration (Sect A p.2). The 12 month moving average line of sales is quite clearly on an upwards tilt as mentioned last month.

Baldwin Overall Sales October 2011

On a 9 month basis, only 2004 and 2005 exceeded this years’ unit volume. While inventories are high, unit sales have recovered to normal levels. Inventories in fact have declined quite dramatically. Dollar sales still lag reflecting fewer high end sales and lower prices. This situation is also reversing, with more high end homes selling. Still, given the inventory level, it is unlikely that prices will increase for a while. 

On a unit basis, sales of all houses declined 9% to 335 this month vs. 370 last month, which is 17% up from last year’s 287.

Used Home sales declined 15% to 335 this month vs. 370 last month, which is up 17% from last year’s 287 (Sect A p.18). New Home sales were 28 this month vs 33 last month. Low sales of New homes reflects intense competition from existing, and the shutdown of new construction.

New listings for New homes increased to 59 from 45 in September. Used houses New listings increased to 559 from 549 in September with net inventory still down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has once again been improving. In October, there were 3,795 Active Used homes, a reduction from 4,253 in September. The New home market, which peaked in October 2006 at 2,144 Active, now sits at 343.

The Absorption rate for New homes was 13 months of inventory for October vs. 14 in September. The Absorption rate for Used homes was 11 months of inventory for October vs. 13 in September. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in October 2008 to 11 months this October.

Average sales price for all homes has been stable for the past year. For New units, prices decreased to $177,908 from $179,069 last month. (Sect A p.14). Average Used home prices decreased to $205,437 from $209,752 in September.

Average Days On Market for New Sold properties in October was 291 this month vs. 188 last month. Days On Market for Used was 182 this month vs. 167 last month.

TWB 11/12/2011

Birmingham Residential Year To Date Sales Off 3% From Last Year

Birmingham Area MLS* Monthly Observations for September 2011

Sales in September declined 12% to $176,754,946 from August’s $200,691,237, up 9% from last September’s $162,426,387.  This month to month fluctuation is in line with the normal seasonal contraction without the distortion caused by the expiration of last year’s tax credit. The 12 month moving average line for total dollar sales remains tilted slightly upward. Year to date total $ sales were down 3% to $1,534,598,983 vs $1,580,081,340, and unit sales were off 4% to 9,450 vs 9,869 last year. This is a modest reduction considering the absence of major government actions such as the tax credit.

Total unit sales were down 9% to 1,101 in September from 1,214 in August, a decrease of 113. This is a 13% improvement from September 2010 at 973. New sales improved 6% to 139 homes this month from 131 in August, an increase of 8 units. Used sales declined 11% to 962 homes in September from 1,083 last month, a decrease of 121 (Sect E p.3).

This month Total Inventory is lower at 11,235 vs. 13,612 last year. Active New listings decreased to 925 in September from 1,216 in August, a decline of 291 units (Sect E p.3).For the second month, Housingpermits showed a big increase in Jefferson County to 140 in August from 117 in July. Shelby County was down to 16 from 19 (see website for details).

Absorption rate for New and Used homes last month remain high. New homes at  8 months supply this month and a reduced sales pace, is one month worse than last year at this time (Sect E p.3). The situation remains distressed. New home supply seems to be accumulating. Under $100,000 New homes are at 11 months supply. (Sect C p.1 and Sect E p.3.) New home inventories in higher price ranges (above $400,000), remain excessive at over a year.

Absorption for Used homes in September 2011 shows 10,310 Used Active listings as a lower number than 12,365 last year (Sect E p.3), which is 12 months of supply, a bit better than 14 months last year (Sect E p.3). The listing activity is somewhat less than last year as is sales activity….

Birmingham area Average Days on Market for New houses was 206 compared to last month at 199 . The Used homes DOM was 149 in September, compared with 149 last month (Sect A p.18). NOTE: DOM for Used Homes indicates that well priced homes are moving in less than 6 months. The high months of inventory indicates that sellers, including bank owners, are still holding out for higher prices. Newsflash: If the home is not selling, reduce the price, particularly since we are entering the slower sales season of the year.

Average sales price for Sold New homes decreased to $220,825 from $235,413 last month (Sect A p2). Average sales prices for Sold Used homes decreased to $151,830 from $156,835 last month (Sect A p2). The twelve month moving average price line for Used Homes has been quite steady since mid 2009 and is now showing an uptrend. Average Home prices, new and used, have stabilized and show an upward trend (Sect A p2). This is mostly a reflection in the change of “mix” with more larger homes being sold, but the price of any specific home remains under pressure.

TWB 10/08/11

September Huntsville Residential Sales Up From Last Year

Huntsville/North Alabama Area MLS Observations: Real Estate Market September 2011

September sales declined 6% to $129,011,381 vs. August at $137,864,729. This was 13% better than last year at $113,865,000 (as the tax incentive expired). The twelve month moving average line on the total dollar sales chart is poking up once again.Year to date sales are off 3.5% to $1,058,483,509 as compared to a year ago of $1,096,870,060. Unit sales were off 2% to 6,547 vs. 6651 a year ago. The modest drop in sales was achieved without the extraordinary tax incentives and thus reflects a more normal market.

Total unit sales decreased to 806 in September vs. 865 in August a decrease of 59.

New sales decreased to156 homes this month vs. 164 last month, a decrease of 8.

Used sales decreased from 650 homes this month to 701 last month, a  decrease of 51 (Sect E  p.3).

Used inventory levels remain high this month at 14 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $100,000 are still over a year of inventory and over $400,000 have two or more years of inventory.

New home absorption is 9 months of inventory overall, (with last month at 11 months), (E-1). The New Home inventory level in the $300,000-$500,000 is approximately 6 months.

There continue to be a large number of housingpermits issued in Huntsville city, given the market conditions. August increased to 97 vs.113  in July (chart on the web site).

Total Active listings decreased this month to 8,867 compared to last month’s 9,718, which is below last year at this time at 9,907 (Sect A p.4 and Sect E p.3).  Active New listings decreased from 1,580 last month to 1,315 in September, down 265. (Sect E p.3). Active Used listings decreased from 8,138 last month to 7,552 this month, down 586 and below last year’s amount at this time of 8,370. (Sect E p.3).

Average Days on Market for Sold New homes was 152 vs.175 days last month, with Used at 152 in September compared with 155 in August (Sect A p.18). Days on Market at or below 6 months, while the inventory numbers are higher, indicates well priced homes are selling. Sellers, including bank owners, are not adjusting to the new price reality which contributes to inventory build-up.

Average sales price for Sold New homes was $231,891 vs. $222,435 last month. (Sect A p.2)

Average sales price for Sold Used homes was $142,825 vs. $144,630 last month. (Sect A p.2)

The Average price lines which were on a upwards slope for a while, turned down particularly for Used Homes. The fluctuation is mostly due to a changing mix of home sales with some more higher priced homes beginning to move as a proportion of the total market; prices for individual properties remain under pressure.

TWB 10/08/11