September Home Sales Down Slightly as Inventory Challenges Persist
With three-quarters of the year complete, 2021 is mirroring seasonal norms, unlike 2020, but maintaining strong momentum. September home sales dropped 7.0% from August’s total and the Median Sales Price slipped 1.1% to $329,000 – both far less than the typical drop-offs as summer gives way to fall.
With abnormally high second-half home sales in 2020 skewing year-over-year comparisons, August-to-September averages for 2015-2019 illustrate what’s typical in late summer-early fall:
• The drop in home sales of 7.0% from August was less than half of the 2015-2019 average decline of 15.3%. Year over year, sales were down 4.2%.
• The month-over-month Median Sales Price decline of 1.1% was one-third of the 2015-2019 average August-to-September drop of 3.4%. Year over year, the Median Sales Price is up 12.5%, with September being the fourth highest in report history. Home prices have increased year over year for 33 consecutive months.
• Reflecting both the number of homes coming on the market and the velocity of sales, the 4.9% month-over-month drop in active inventory was more than double the 2015-2019 average August-to-September decline of 2.3%. Inventory was down 23.6% year-over-year. Nine months into 2021, inventory has declined month over month in all but June and July.
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