In a report release by the National Association of Realtors (www.realtor.org) today it is reported that total existing home sales, including single family homes, town-homes and condominiums dropped by 1.2% in October compared to September 2007 bringing the annual pace down 20.7% from the annual projected pace in September 2006. As set in October 2007, the annual projected sales pace for all home types nationally is 4.97 million total units sold.
The national median home price for all home types in October was $207,800, down 5.1% from October 2006 ($218,900 then). Although this is on an overall national level, real estate markets are very localized with regards to trends. NAR President Richard Gaylord said, “Keep in mind that home prices are up in 93 out of 150 metro areas, and there is a lot of confusion in the market from reports about national data. Broadly speaking, home prices in most areas are up modestly or fairly stable. . . areas with population or job growth are seeing the strongest home price gains.”
Total housing inventory rose to 1.9% in October to 4.45 million which represents a 10.8 month supply based on the annual projection of 4.97 million units sold. Existing condo sales dropped 9.1% from September to October and is 20.2% below the annual pace set in October 2006. The median condo price was up however to $223,500, 4.9% higher than October 2006.
Existing home sales in the South were unchanged in October with an annual rate of 2.03 million, however this is 19.4% down from October 2006. The median home price was down 6.7% from last year to $171,400.
As an interesting side note, the annual projected sales pace of the South is 41% of the entire nations annual projected sales of all home types; this is almost double that of the next highest region’s projected annual sales pace (the Midwest at 1.18 million).