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Stabilizing September Prices and Inventories Build Market Equilibrium

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By Steve Cook

“Our September data on inventory counts, median list prices, and median time on market has shown another month of steady leveling, but the recovery certainly remains uneven in some pockets,” said Errol Samuelson, president of realtor.com®. “Some of the more industrial-based markets clearly continue to struggle, yet others are showing significant price gains over this time last year. While we are pleased to see a continued trend toward a healthy market balance, imminent economic factors could pose a significant threat to these improvements.”

The total U.S. for-sale inventory of single-family homes, condos, townhomes and co-ops declined slightly in September to a total of 1,944,018 units, down 1.68 percent from August.

However, after six consecutive months of steady growth, inventories are now just 2.04 percent lower than they were one year ago-a dramatic turnaround compared to earlier this year that signals a greater balance between demand and supply.

The median age of inventory rose slightly in September from 92 to 93 days, but is down by 10.58 percent on a year-over-year basis, suggesting that properties continue to turn over quickly, despite the end of the traditional home buying season. The median list price fell slightly in September, but remains 6.40 percent higher than it was one year ago.

For more information, visit www.realestateeconomywatch.com.

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