RESALES:
The number of homes Sold dropped 40%, the Months of Inventory nearly doubled and Average Sales Price dropped 8.7%, Yet, the latter doesn’t mean the price of an individual home decreased. Why? Because the Sales Price Per Square Foot (PPSF) actually INCREASED 13.5%. So, this just means there were a lesser number of higher priced homes that sold, which pulled the average sales price down. However, Sellers should expect longer DOM because of the lack of activity.