New September Numbers:
The full September numbers report is in from HAR.
Inventory has grown from a 1.7 month supply last year to a 2.5 month supply now and we can definitely see the effects of that.
I'm seeing more price reductions now in a typical week than I saw in the entirety of 2021.
And yet.....the average price across town is still up to $411,671 from $378,685 a year ago. And despite the transaction count being "lower"
than last year's insanity....we still had more than 8,200 properties change hands last month.
It's still a robust market. We're heading into the normal seasonal slowdown of fewer transactions. It's an interesting phenomenon to be sure.
Some segment of the population will always be having a life change that requires moving, but you definitely see the elective movers
exit the market at this time of year.
This chart below shows you how transaction counts tend to tail off toward the end of the year, but you can still see how the overall volume of transactions is growing thanks to the addition of 20,000+ new construction homes each of the past 5 years.
