Single-family Sales Slow in September, Prices Down

Sales of existing single-family homes in Leon county decreased in September by 8.7% when compared to numbers sold in the same month one year ago. There were 220 single-family home resales in September 2017 and 241 resales in September 2016. Last month there were 318 existing single-family homes sold.

The average sales price in September 2017 decreased 1.9% to $230,377 from $234,953 one year ago.

Annual trends show that single-family home sales decreased 0.7 % to an annual rate of 3,146 in September down from 3,167 in August, and are now 5.1% above the annual rate of 2,992 sales reported a year ago.

The National Association of Realtors reported that single-family home sales climbed 1.1 percent to a seasonally adjusted annual rate of 4.79 million in September from 4.74 million in August, but are still 1.2 percent under the 4.85 million pace a year ago.

A regional breakdown revealed that existing-home sales in the South slipped 0.9 percent to an annual rate of 2.13 million in September, and are now 2.3 percent lower than a year ago. The median price in the South was $215,100, up 4.6 percent from a year ago.

Lawrence Yun, NAR chief economist, said “Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” he said. “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”

The chart below shows the annual rate of single family sales in Leon county over the last 24 months.

The average price of homes sold over the last twelve months in Leon county was $237,820. This is 9.2% above the $219,857 price reported one year ago.

The average sales price chart below shows the 12-month and 3-month average sales price of single-family homes in Leon county over the last two years.

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