Home Prices Decrease Help to Increase Home sales
October 25th, 2008Falling home prices in some parts of the country helped existing home sales across the U.S. to rise 5.5 percent in September, the National Association of Realtors said Friday.
Existing home sales, including single-family, town homes, condominiums and co-ops, rose to a seasonally adjusted annual rate of 5.18 million units in September, compared with 4.91 million in August and 5.11 million in September 2007, the association reported.
September’s sales were also up 1.5 percent over the same month last year, and marked the first time since November 2005 that home sales have been above year-ago levels, said Richard F. Gaylord, NAR’s president.
In Alabama, 3,761 homes were sold during September, down 6.3 percent from August and down 12 percent from the same month last year, according to Alabama Center for Real Estate numbers released Friday. Madison County also saw a 12 percent drop in September, from the previous year, from 454 in 2007 to 408 last month.
Nationwide, the number of existing homes on the market nationwide declined 1.6 percent in September, representing a 9.9-month supply. The median home price was $191,600, down 9 percent from the same month last year.
In Madison County, inventory has remained fairly steady in recent months at about an eight-month supply, according to the Huntsville Area Association of Realtors. The median selling price has also remained steady, at $170,500 in September, compared with $170,000 for September 2007.


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