“–Sales for September were 2,150 homes sold; this is down 42% from last September’s 3,602.
–If we look at the sales over the last 4 quarters we see steady erosion in sales from quarter to quarter. Last quarter of 05 was down 10% from prior year, 1st quarter 06 was down 20% from prior year, 2nd quarter 06 was down 26% from prior year and the 3rd quarter this year is down 33% from prior year, with the last month of the quarter down 42%.
–While the absolute number in inventory has declined the important inventory supply has increased slightly to 314 days. This is due to sales declining faster than the decline in inventory.
–The typical detached home sold was 2,050 sq ft with an average selling price of $626,296, this is down about 9% versus last years average of $691,608 for the same home. We see the same trend with attached homes, with this year’s average of $395,936 down about 6.5% from last year.”
We are now over 10 months inventory and prices are falling. This looks like a dead cat, no bounce, just a dead cat.
