Lee Fehrenbacher//October 15, 2012//
The number of home sales dropped off as the summer came to a close this year, but residential real estate activity was significantly higher than it was in 2011, posting some of the strongest numbers since 2006.
According to , closed and pending sales saw double-digit drops from August to September, but double-digit gains in year over year figures. At 1,8904 transactions, closed sales dropped 18 percent from August but increased 19.4 percent over September 2011 – the highest level since September 2006. Closed sales have continued to outpace 2011 throughout the first three quarters of the year – increasing 18 percent to 17,478 total.
Pending sales, at 2,058 accepted offers, dropped off by 13.8 percent over the month of August but were still up 10.6 percent over the same period a year ago. Accepted offers throughout the first three quarters were also 16.8 percent higher than the same period a year ago, with a total of 19,015.
That type of activity indicates that the market recovery is solidifying, according to the report, and home prices followed suit.
The average home sales price increased 2.9 percent to $272,200 and the median sales price increased 3.8 percent to $230,400. And while prices have increased, so has eagerness to buy. The total amount of time that houses were listed on the market decreased 20.7 percent from a year ago to 115 days.