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 Home Sales in September slow while inventory shrinks
Sales of existing homes slowed down last month while the number of homes available for purchase shrank.

Existing home sales in September, which includes single family, condominiums, co-ops and townhomes, fell 1.9% from the previous month. When compared with the previous year, September was the third strongest month on record; sales of existing homes were down 14.2%.


Inventory of housing levels dropped 2.4% by the end of September to 3.75 million units available for purchase. This figure represents a 7.3-month supply of homes at the current pace of sales. The National Association of Realtors reports that these figures are encouraging to real estate professionals.

The market is in transition. The current national median price for all types of housing was reported at $220,000 in September. This price point is 2.2% under September of 2005. At that point in time, the average price was at $225,000. The median price point figure is calculated using sales of homes where half sell for more than the median and half sell for more than the median price.

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