To me, the most telling statistic is the “values of closed sales”.
Aug. 2006 $1,580,567,152
Sep. 2006 $1,321,094,956
16% reduction. This change is due to “seasonal reasons” (i.e. families with children tend to buy larger houses & close during the summer before schools start).
Aug. 2007 $1,328,689,822
Sep. 2007 $872,492,175
34% reduction. This is due to seasonal reasons & the credit squeeze.
