On today’s show we are looking at the national average numbers for residential real estate.
The statistics seem to be conflicting and it seems like the numbers are not adding up. On today’s show we are going to unwind the apparent contradiction to make sense of what is truly going on.
The national association of realtors reported that sales volume in September fell to the lowest level since October of 2010 with an annualized rate of 3.84M homes being sold. This is a 3.5% decline from the same period last year.
Inventory of homes for sale increased to a 4.3 month supply of homes.
Finally, the median price of a home increased 3% in September compared with the same period last year to a price of $404,500.
Normally you would think that falling sales volume combined with rising inventory of homes for sale would translate into falling prices. If demand is falling and supply is rising, then you would expect prices to fall. So what is up with the 3% rise in the median sale price?
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