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St. Louis Real Estate Search

 

Home sales and prices decline in September

Dennis NormanToday’s existing home sales report from the National Association of REALTORS® shows existing home sales in September were at at a seasonally adjusted-annual rate of 4.91 million units which is a decrease of 3.0 percent from the month before, an increase of 11.3 percent from a year ago and is the second highest rate of home sales since March 2011 when it was 5.09 million.

Home prices decrease to lowest level since April 2011….

The median home price in the U.S. in September was $165,400, a decrease of 3.4 percent from the month before and a decrease of 3.5 percent from a year ago when the median price was $171,400.

Supply and Inventory of Homes for sale show mixed results….

The number of existing homes on the market decreased in September by 2.0 percent to 3.48 million homes, and is down 13.0 percent from a year ago when there were 4.0 million homes for sale. On the flip side, the months supply of homes on the market increased by 1.2 percent to 8.5 months from 8.4 months the month and is down 22.0 percent from a year ago when the supply was 10.9 months.

The following are the ACTUAL Existing Home sales for September, 2011 reported by NAR without any adjustment or fluff:

  • There were 433,000 existing homes sold during the month which is an decrease of 13.9 percent from the month before and a 14.6percent increase from a year ago.
  • Below are highlights from each region for the month;
    • Northeast – 69,000 homes sold, a decrease of 15.9 percent from the prior month a increase of 7.83 percent from the year before.
    • Midwest – 99,000 homes sold, a decrease of 9.2 percent from the prior month and an increase of 20.7 percent from the year before.
    • South – 169,000 homes sold, a decrease of 13.3 percent from the prior month and an increase of 14.2 percent from the year before.
    • West – 96,000 homes sold, a decrease of 17.9 percent from the prior month and an increase of 14.3 percent from the year before.

Other highlights of the NAR Report for September 2011:

  • Distressed sales accounted for 30 percent of all home sales for the month, down from 31 percent the month before.
  • First-Time homebuyers accounted for 32 percent of the home sales for the month, same as the month before.
  • Investors were the buyers of 19 percent of the homes for the month, down from 22 percent the month before.
  • Repeat home buyers were responsible for approximately 49 percent of the month’s sales, down from 50 percent the month before.
  • Cash buyers were 30 percent of all sales for the month, up from 29 percent the month before.

 

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