Home Sales Fall 15% in September After Strong Summer Sales

Home sales fell in September after rising all summer, including a 4% increase in August, according to the Re/Max National Housing Report.

“In the month of September, closed transactions followed an expected seasonal trend and dropped 14.6% from sales in August,” Re/Max said.

The sale numbers provided by the Denver based real estate brokerage firm are not seasonally adjusted.

Year-over-year, home sales are up 7.6%, which is a “good omen”, according to Re/Max chief executive Margaret Kelly.

“If this pace continues, we would hope to see prices start to rise too. The market is trying hard to recover and favorable policies from Washington would reduce the possibility of a further decline,” Kelly said.

The median sales price was $183,760 in September, 2.5% lower than in August and down 3.3% from year ago.

Re/Max also reported that the number of houses for sale has dropped for 15 straight months in the 53 metro markets tracked by the brokerage firm.

And the inventory of homes for sale is down 20% from September 2010.

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Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_453/remax-home-sales-1026989-1.html

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