Wednesday, October 11, 2006

MRIS September Housing Report: Sales Volume Continues to Decline

MRIS has just released sales data for sales of existing homes in September 2006 (see below). The trend I mentioned a month ago continues: the number of units sold continues to decline. What's especially remarkable is that September marks the end of the summer sales season, when housing sales should be at their peak.


Key data points at a glance:
  • Average days on market has almost doubled YoY (34 days to 66 days)
  • Number of units sold declined 15.04% (738 to 627)
  • Total dollar volume declined 5.9%
  • Condos represented 48.8% of all units sold

Further analysis shows:

  • If condos are excluded, the total dollar volume actually declined 9.54%; condos represented approximately 38.47% of the dollar volume.
  • All housing categories in the report save one showed YoY declines in sales volume despite higher average sales prices.

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