Its that time of the month again — the National Association of Realtors’ release of Existing Home Sales data for the previous month (September). Yes, sales and prices are down from their peaks, both regionally and nationally. Regionally in the northeast, the number of sales was off 13.4% from Sept. ’05, and showed a drop of 3.7% from the previous month. The median sales price was down 5.1% from August, and 8.5% lower than the price peak in April, ’06.
NAR also reported that the inventory of homes was also down 2.4% nationally slightly from the peak reached in August, marking the first month’s drop since inventory began climbing last fall.
None of these numbers came as a surprise, and are in line with predictions of a settling and stabilizing market. The most interesting thing, though, is the media attention — or rather lack of it — throughout the day. Last month, the EHS data showed the first decline in housing prices since the run up, and the media went ballistic. This month’s data, while still showing a decline, seems to be much less newsworthy.