September Sales Down Nearly 21%

The sale of existing homes fell 21% compared to August sales.  This is most likely a fallout from the mortgage issues that we experience in August.  We are still at about 57,000 homes on the market with 47% of those being vacant.  In September 3,300 homes were sold which is lower than any month in the past 6 years.  So far October is showing some signs of an improvement over September.  At the September rate of sales we have 17 months worth of inventory.  Look for October to equal or surpass August sales of 4,200.  The best bet at this point is to hold off on selling your home until after the first of the year.