Long & Foster’s Market Minute Report shows 1,021 homes sold in September, down 27% from August’s 1,398. Sales were up slightly, however, from the same period last year — with September 2012 showing a 1% increase over 2011.
Inventory was down sharply in September 2012, 35% below the previous year, indicating the backlog of inventory was being cleared out. The total active inventory in September was 2,724, compared to 4,198 a year earlier. The supply remained stable in September, as compared to August.
The median sales price rose slightly, to $422,500, an increase of 1% over last year but 4% below August.
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