Alabama Coastal Sales Continue Strong In May

Baldwin County & Alabama Coastal MLS*: Observations for the Month of May 2013

Sales dollars climbed 19% in May to $131,734,194 from April’s $110,343,519. This is a healthy 8% above May last year at $122,483,885. (Sect A p.2). This is the third highest May total after 2004 and 2005.This continues the great start to the main spring/summer selling season. The 12 month moving average line of sales has continued to point up steadily for two years now. Inventories are trending down.

On a unit basis, sales of all houses were up 15% at 568 this month vs. last month at 493, which is up 11% from last year’s 511. In spite of the substantially improved sales climate, it is important to point out that the inventories of homes over $300,000 remains at over a 12 month supply.

Used Home sales improved 12% to 511 this month vs. 456 last month, which is up 10% from last year’s 463 (Sect A p.18). New Home sales were 57 this month vs 37 last month compared with 48 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes increased to 63 from 61 in April. Used homes New listings increased to 511 from 456 in April 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 May, there were 3,439 Active Used homes, a reduction from 3,994 in April. The New home market, which peaked in May 2006 at 2,144 Active, now sits at 322.

The Absorption rate for New homes was 9 months of inventory for May vs. 10 in April. The Absorption rate for Used homes was 9 months of inventory for May vs. 11 in April. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in May 2008 to 9 months this May. As I observe above though, the inventory for higher priced homes remains high.

Average sales price for all homes have been improving modestly for the past year. For New units, prices decreased to $222,465 from $245,923 last month. (Sect A p.14). Average Used home prices increased to $232,982 from $222,027 in April. The price trend is up for the year.

Average Days On Market for New Sold properties in May was 201 this month vs. 156 last month. Days On Market for Used was 168 this month vs. 166 last month.

We see improvement in the second home market, which is needed for the coastal area to gain strength. While there is still a lot of inventory particularly in the upper price ranges, sales are continuing to improve, I think the situation on the coast has turned quite positive.

TWB 6/15/2013

Huntsville April Real Estate Sales A Bit Soft In April

Huntsville/North Alabama Area MLS Observations: Real Estate Market April 2013

April sales declined by .5% to $119,158,106 vs. March at $119,792,661. This was off 10% from last year’s $132,509,353. The twelve month moving average line on the total dollar sales chart is heading up but showing some weakness. I suspect that sequester fears and reality are affecting the Huntsville market.

Total unit sales improved .6% to 790 in April vs. 785 in March, an increase of 83. This was 5% worse than last year at 829.

Our projections for ACRE and Brander Real Estate for 2013 called for 817 sales in April with actual results 7% under that, and year to date volume is 4% lower than our projection. See here http://goo.gl/nytW8 for an article sumarizing the projections. Here is the spreadsheet with month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).

New sales decreased to 126 this month vs. 137 last month, down 11.

Used sales decreased to 664 this month vs. 648 last month, down 16 (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 $400,000 have more than two years of inventory.

New home absorption is 10 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 5-6 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 100, up from 83 in February (chart on the web site).

Total Active listings decreased this month to 8,841 compared to last month’s 9,213, and below last year at this time at 8,961, with the reduction exaggerated due to month-end expirations. (Sect A p.4 and Sect E p.3).  The reduction in inventory is a positive thing. The inventory reduction has been good for the last 8 months; we are however seeing some signs of a spring increase.

Active New listings decreased from 1,651 last month to 1,409 in April, down 242. (Sect E p.3). Active Used listings decreased from 7,562 last month to 7,432 this month, down 130 and slightly below last year’s amount at this time of 7,620. (Sect E p.3).

Average Days on Market for Sold New homes was 165 vs. 200 days last month, with Used at 166 in April compared with 164 in March (Sect A p.18).

Average sales price for Sold New homes was $234,235 vs. $241,395 last month. (Sect A p.2)

Average sales price for Sold Used homes was $135,007 vs. $133,830 last month. (Sect A p.2)

The average price line for Used homes is going up but now showing some weakness. New home average prices seems to be showing positive direction as well.

TWB 5/11/13

Alabama Coastal Real Estate Has A Great Spring Start – March

Baldwin County & Alabama Coastal MLS*: Observations for the Month of March 2013

Sales dollars soared 52% in March to $101,946,048 from February’s $66,661,219. This is a healthy 27% above March last year at $80,546,300. (Sect A p.2). This is a great start to the main spring/summer selling season. The 12 month moving average line of sales has continued to point up steadily for two years now. Inventories are trending down.

On a unit basis, sales of all houses were up 37% at 475 this month vs. last month at 346, which is up 21% from last year’s 392. The year to year comparison remains encouraging.  At the high end, the $900,000 and over sales were 10 this month compared with 10 last year for the same month and up from 3 last month. Last month we reported a reduction in sales in the under $100,000 range (see page b-1). There was a dramatic reversal this month in this low price range. There were 123 sales this month compared to 78 last month and 106 last year, the most in over 4 years.

Used Home sales improved 38% to 430 this month vs. 312 last month, which is up 20% from last year’s 359 (Sect A p.18). New Home sales were 45 this month vs 34 last month compared with 33 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes decreased to 67 from 73 in February. Used homes New listings increased to 841 from 732 in February 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 March, there were 3,428 Active Used homes, a reduction from 3,803 in February. The New home market, which peaked in March 2006 at 2,144 Active, now sits at 324.

The Absorption rate for New homes was 9 months of inventory for March vs. 11 in February. The Absorption rate for Used homes was 9 months of inventory for March vs. 11 in February. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in March 2008 to 9 months this March.

Average sales price for all homes have been improving modestly for the past year. For New units, prices increased to $229,031 from $220,295 last month. (Sect A p.14). Average Used home prices increased to $213,115 from $189,651 in February. This was in the face of the large increase in sales in the under $100,000 category! The price trend is up for the year.

Average Days On Market for New Sold properties in March was 200 this month vs. 170 last month. Days On Market for Used was 180 this month vs. 179 last month.

We see improvement in the second home market, which is needed for the coastal area to gain strength. While there is still a lot of inventory, I think the situation on the coast has turned quite positive.

TWB 4/16/2013

 

Birmingham Real Estate Sales Show Positive Trends in February

Birmingham Area MLS* Monthly Observations for February 2013

Dollar sales in February improved by 15% to $156,249,103 from January’s $136,050,964, up a healthy 11% from last February’s $141,182,366. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. We are still in the slowest three months of the sales season, so it is best not to try to read too much into these results, although the year over year gains are meaningful.

Unit sales were up 7% to 920 in February from 857 in January, an increase of 139. This is down 2% from February 2012 at 936. Our ABRE/ACRE Projections for 2013 projected 1020 sales for February and of course the reported number will increase as late sales are reported. For now, the projections indicated 10% higher than achieved for the month and 6% for the year. Please see here for a summary of the projections http://goo.gl/nytW8 and here is the spreadsheet with details and month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).  New sales improved by 8 units to 99 homes this month from 91 in January and are off from 116 last year. Used sales improved 7% to 821 homes in February from 766 last month, an increase of 55,  and up 1 from 820 last year(Sect E p.3).

This month total inventory is 14% lower at 9,028 vs. 10,458 last year and 9,410 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. It is encouraging to see total inventory remaining below 10,000. Active New listings decreased to 765 in February from 1016 in January, a decline of 251 units (Sect E p.3).  Housing permits went way up in Jefferson County to 96 for January from 62 in December. Shelby County permits went down to 16 from 17 (see website for details).

Absorption rate for New and Used homes is fairly steady. New homes are at 6 months supply this month which is  better than last year at this time at 8 months (Sect E p.3). New home supply last month shows 8 months. Under $100,000 New homes is at 11 months supply. The New homes in the $100,000-$700,000 price range have normal inventory levels in the 5-8 month range. Higher price ranges are one to two years of supply, although over $900,000 the new inventory is at 3 months (only one home). (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in February shows 8 months, two months better than the 10 months last year. Used Active listings at 7,999 are lower than the 9,487 last year (Sect E p.3). Interestingly, the under $100,000 market with an average list price of $59,571, which makes up 33% of all listings, is at 7 months of inventory which drags down the overall months of inventory for all homes. The number of homes in the over $900,000 price range is beginning to climb from a low level but the months of inventory is still high  (14 months) due to reduced sales levels.

Birmingham area Average Days on Market for New houses is 197 compared to last month at 201. The Used homes DOM was 147 in February, 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.

Average sales price for Sold New homes increased to $266,885 from $225,344 last month (Sect A p2). Average sales price for Sold Used homes increased to $158,133 from $150,842 last month (Sect A p2). The moving average price for Used Homes has been moving up steadily since the beginning of the year. The 12 month moving average line for New home prices has also been heading up quite nicely since the beginning of the year. Average Home prices, New and Used, are improving  (Sect A p2). The price of any specific home still remains under pressure.

TWB 3/9/13

North Alabama January Real Estate Sales In-Line with Last Year

Huntsville/North Alabama Area MLS Observations: Real Estate Market January 2013

January sales declined by 3% to $80,412,866 vs. December at $117,434,180. This was even with last year’s $80,657,398 The twelve month moving average line on the total dollar sales chart is heading up.

Total unit sales declined 21% to 524 in January vs. 669 in December, a decrease of 145. This was 3% lower than last year at 539.

Our projections for ACRE and Brander Real Estate for 2013 are not yet complete; we will send them shortly. Early work looks quite encouraging for a continuation of the positive trends experienced last year.

New sales declined to 82 this month vs. 159 last month, down 77.
Used sales decreased to 442 this month vs. 510 last month, down 68 (Sect E  p.3).

Used inventory levels remain high this month at 11 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $200,000 are still over 12 months of inventory and over $500,000 have more than two years of inventory.

New home absorption is 9 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 December there were 59, down from 64 in November (chart on the web site).

Total Active listings decreased this month to 7,969 compared to last month’s 8,509, and below last year at this time at 8,339, with the reduction exaggerated due to month-end expirations. (Sect A p.4 and Sect E p.3).  The reduction in inventory is a positive thing. The inventory reduction has been good for the last 7 months; hopefully, spring will not bring a dramatic change.

Active New listings decreased from 1,536 last month to 1,329 in January, down 207. (Sect E p.3). Active Used listings decreased from 6,973 last month to 6,640 this month, down 333 and slightly below last year’s amount at this time of 6,986. (Sect E p.3).

Average Days on Market for Sold New homes was 168 vs. 150 days last month, with Used at 162 in January compared with 160 in December (Sect A p.18).

Average sales price for Sold New homes was $239,861 vs. $257,564 last month. (Sect A p.2)
Average sales price for Sold Used homes was $137,430 vs. $149,964 last month. (Sect A p.2)

The average price line for Used homes is going up nicely. New home average prices seems to be showing positive direction as well.

TWB 2/9/13

Birmingham December Sales Finish Well, Total Sales Up 8% For The Year

Birmingham Area MLS* Monthly Observations for December 2012

For 2012 Unit sales increased 8% to 13,472 from 12,468 last and are off 7% from our full year projection of 14,550. Total dollar sales for the year were up 15% to $2,307,752,868 from $2,002,963,782.

Sales in December declined by 9% to $163,401,188 from November’s $179,368,554, up a healthy 12% from last December’s $146,269,023. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. This is the middle of the slowest three months of the sales season, so it is best not to try to read too much into these results.

Unit sales were down 10% to 941 in December from 1,048 in November, a decrease of 107. This is down 3% from December 2011 at 970. This is 14% unfavorable to our projection of 1,099 sales expected for December and 7% unfavorable year to date (this will improve as late sales are recorded). 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 by one unit to 128 homes this month from 127 in November and off from 135 last year. Used sales declined 12% to 813 homes in December from 921 last month, a decrease of 108 (Sect E p.3).

This month total inventory is 16% lower at 8,519 vs. 10,174 last year and 9,943 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. It is encouraging to see total inventory below 10,000. Active New listings decreased to 736 in December from 997 in November, a decline of 261 units (Sect E p.3).  Housing permits went down in Jefferson County to 67 for November from 77 in October. Shelby County permits went down to to 23 from 28 (see website for details).

Absorption rate for New and Used homes is fairly steady. New homes are at 6 months supply this month which is  better than last year at this time at 7 months (Sect E p.3). New home supply last month shows 8 months. Under $100,000 New homes is at 14 months supply. The New homes in the $100,000-$700,000 price range have normal inventory levels in the 4-8 month range. Higher price ranges are one to two years of supply. although over $900,000 the new inventory is at 8 months (only two homes). (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in December shows 8 months, two months better than the 10 months last year. Used Active listings at 7,783 are lower than the 9,304 last year (Sect E p.3). Interestingly, the under $100,000 market with an average list price of $59,615, which makes up 33% of all listings, is at 7 months of inventory, which drags the overall months of inventory down for all homes. There are fewer homes in the over $900,000 price range listed since early 2007 although months of inventory is still high due to reduced sales levels.

Birmingham area Average Days on Market for New houses is 172 compared to last month at 201. The Used homes DOM was 141 in December, compared with 148 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 slower sales season of the year.

Average sales price for Sold New homes increased to $262,386 from $233,626 last month (Sect A p2). Average sales prices for Sold Used homes decreased to $159,675 from $162,539 last month (Sect A p2). The average price for Used Homes has been moving up steadily since the beginning of the year. The 12 month moving average line for New home prices has also been heading up quite nicely since the beginning of the year. Average Home prices, new and used, are improving  (Sect A p2). The price of any specific home still remains under pressure. Just a note: Average prices are up slightly from 2007 levels.
TWB 1/12/13

Alabama Coastal Sales Finish the Year Up

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

For 2012 sales increased 16% to $1,032,887,586 from $891,031,102 last year. Unit sales increased by a more modest 4% to 4,595 from 4,413 last year.

Sales dollars increased 10% in December to $79,681,282 from November’s $72,554,282. This is remarkable 35% above December last year at $59,210,303. (Sect A p.2). This is a solid performance in a normally seasonally slow month. The 12 month moving average line of sales is continuing to point up. Inventories are continuing to come down.

On a unit basis, sales of all houses were up 10% to 358 this month vs. last month at 326, which is up from last year’s 308. The year to year comparison remains encouraging.  At the high end, the $900,000 and over sales were 6 this month compared with 4 last year for the same month.

Used Home sales improved 8% to 320 this month vs. 296 last month, which is up 13% from last year’s 283 (Sect A p.18). New Home sales were 38 this month vs 30 last month which compares favorably with 25 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes remained about the same at 66 and 59 in November. Used homes New listings remain constrained at 396 from 487 in November 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 December, there were 3,085 Active Used homes, a reduction from 3,596 in November. The New home market, which peaked in December 2006 at 2,144 Active, now sits at 323.

The Absorption rate for New homes was 9 months of inventory for December vs. 10 in November. The Absorption rate for Used homes was 9 months of inventory for December vs. 11 in November. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in December 2008 to 9 months this December.

Average sales price for all homes have been improving modestly for the past year. For New units, prices increased to $267,225 from $234,679 last month. (Sect A p.14). Average Used home prices decreased to $217,271 from $221,331 in November.

Average Days On Market for New Sold properties in December was 143 this month vs. 136 last month. Days On Market for Used was 181 this month vs. 161 last month.

We see improvement in the second home market, which is needed for the coastal area to gain strength. While there is still a lot of inventory, I think the situation on the coast has turned quite positive.

TWB 1/12/2013

Birmingham November Real Estate Sales Up 11% Year Over Year

Birmingham Area MLS* Monthly Observations for November 2012

Sales in November declined by 3% to $175,290,274 from October’s $180,739,461, up a healthy 11% from last November’s $158,075,509. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. This is the beginning of slowest three months of the sales season. So it is best not to try to read too much into these results.

Unit sales were down 4% to 1,018 in November from 1,056 in October, a decrease of 38. This is up 5% from November 2011 at 972. This is 4% unfavorable to our projection of 1,055 sales expected for November and 7% 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 declined 9% to 124 homes this month from 126 in October, a decrease of 2 units. Used sales declined 4% to 894 homes in November from 930 last month, a decrease of 36 (Sect E p.3).

This month total inventory is 16% lower at 9,193 vs. 10,993 last year and 10,257 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. It is encouraging to see total inventory below 10,000. Active New listings decreased to 764 in November from 993 in October, a decline of 229 units (Sect E p.3).  Housing permits went up in Jefferson County to 77 for October from 67 in September. Shelby County permits went up to  to 28 from 18 (see website for details). Permits are (marginally)exceeding sales once again.

Absorption rate for New and Used homes is fairly steady. New homes are at 6 months supply this month which is  better than last year at this time at 8 months (Sect E p.3). New home supply last month shows 8 months. Under $100,000 New homes is at 15 months supply. The New homes in the $100,000-$700,000 price range have normal inventory levels in the 4-8 month range. Higher price ranges are one to two years of supply (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in November shows 9 months, three months better than the 11 months last year. Used Active listings at 8,429 are lower than the 10,051 last year (Sect E p.3). Interestingly, the under $100,000 market with an average list price of $59,256, which makes up 33% of all listings, is at 7 months of inventory, which drags the overall months of inventory down for all homes.

Birmingham area Average Days on Market for New houses is 201 compared to last month at 181. The Used homes DOM was 148 in November, compared with 143 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 slower sales season of the year.

Average sales price for Sold New homes decreased to $234,210 from $247,711 last month (Sect A p2). Average sales prices for Sold Used homes increased to $163,589 from $160,783 last month (Sect A p2). The average price for Used Homes has been moving up steadily since the beginning of the year. The 12 month moving average line for New home prices has also been heading up quite nicely since the beginning of the year. Average Home prices, new and used, are improving  (Sect A p2). The price of any specific home still remains under pressure. Just a note: Average prices are up slightly from 2007 levels.

TWB 12/15/12

 

Alabama Coastal Real Estate 15% Better Than Last October

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

Sales dollars increased 2% in October to $81,448,878 from September’s $79,669,696. This is 15% above October last year at $70,294,761. (Sect A p.2). A solid performance in a normally seasonally slow month. The 12 month moving average line of sales is continuing to point up. Inventories are continuing to come down.

On a unit basis, sales of all houses were virtually unchanged 355 this month vs. last month at 357, which is 3% down from last year’s 344. The year to year comparison remains reasonable.  At the high end, the $900,000 and over sales remained 11 sales both this and last month as compared with 8 last year.

Used Home sales improved 2% to 323 this month vs. 317 last month, which is up 2% from last year’s 316 (Sect A p.18). New Home sales were 32 this month vs 40 last month which compares favorably with 28 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes remained about the same 58 from 57 in September. Used homes New listings increased to 661 from 542 in September 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 October, there were 3,287 Active Used homes, a reduction from 3,634 in September. The New home market, which peaked in October 2006 at 2,144 Active, now sits at 283.

The Absorption rate for New homes was 8 months of inventory for October vs. 9 in September. The Absorption rate for Used homes was 10 months of inventory for October vs. 11 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 10 months this October.

Average sales price for all homes has been stable for the past year. For New units, prices increased to $250,201 from $189,984 last month. (Sect A p.14). Average Used home prices decreased to $227,376 from $227,446 in September.

Average Days On Market for New Sold properties in October was 216 this month vs. 236 last month. This indicates that older inventory is selling, which is a good sign. Days On Market for Used was 179 this month vs. 172 last month.

We see strength in the second home market, which is needed for the coastal area to gain strength. While there is still a lot of inventory, I think the situation on the coast has turned quite positive.

TWB 11/14/2012

September Real Estate Sales Fall Off In North Alabama

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

September sales declined sharply by 25% to $119,846,425 vs. August at $159,361,673. This was 10% below last year’s $133,398,396. This is a sharp contrast to last month’s strong results. The twelve month moving average line on the total dollar sales chart is barely heading up.

Total unit sales declined 22% to 736 in September vs. 941 in August, a decrease of 205. This was 12% unfavorable to last year at 840.

Note that our projection for September was 776 sales, so the actual results were 5% unfavorable for the month and .1% unfavorable 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 declined with 164 this month vs. 185 last month, decreasing 21.
Used sales decreased to 736 this month vs. 941 last month, decreasing 205 (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 $200,000 are still over 12 months of inventory and over $500,000 have about three 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 6 months. (Not bad!).

There continues to be a large number of housing permits issued in Huntsville city given the market conditions. For August there were 118 (census estimate), up from 95 in July (chart on the web site).

Total Active listings decreased this month to 8,555 compared to last month’s 9,217, which is below last year at this time at 9,246, 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. But we must note that the inventory level has remained constant over the last few months, stopping the decline.

Active New listings decreased from 1,442 last month to 1,211 in September, down 231. (Sect E p.3). Active Used listings decreased from 7,775 last month to 7,344 this month, down 431 and below last year’s amount at this time of 7,859. (Sect E p.3).

Average Days on Market for Sold New homes was 191 vs. 162 days last month, with Used at 167 in September compared with 147 in August (Sect A p.18). 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 $223,886 vs. $250,541 last month. (Sect A p.2)
Average sales price for Sold Used homes was $145,331 vs. $149,486 last month. (Sect A p.2)

The average price lines for Used homes are once again showing some stability. New home average price seems to be showing some positive direction. Prices for individual properties remain under pressure.

TWB 10/13/12