Birmingham home sales fall in October as economic fears rise – al.com


The Birmingham News reported on the MLS press release today as follows.

Average Alabama sales price drops to $146,169

Tuesday, November 25, 2008

RUSSELL HUBBARD News staff writer

Birmingham-area home sales fell 30 percent in October compared to the same month in 2007, a drop that real estate experts said reflects turmoil on Wall Street and concerns about a faltering economy.

via Birmingham home sales fall in October as economic fears rise – al.com

The Birmingham News noted our article as follows:

The drop recorded by the Birmingham Association of Realtors was better than the 36 percent decrease forecast last week in the Rudulph/Brander Real Estate report, which is based on preliminary statistics. Tom Brander, the author of that report, also said October home sales were dragged down by swooning stocks and falling consumer confidence.

I’d like to note that we also reported exactly the same drop in unit sales, 30%. We also reported the 36% drop in dollar sales, which the MLS release makes no reference to. We also noted the reduction in inventory. Our full release for October is here. The reduction in average sales price MLS reports accounts for, and agrees with the drop in total dollar sales. Each group, MLS, ACRE, And Rudulph/Brander, works with the same data and produces consist ant statistics, which may differ in actual counts such as sales and inventory but the trends are consist ant with each group.

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