"September of this year saw an 8% decline in single family home sales compared to last year, led by existing sales, falling 11%. Nationally existing home sales increased by 3%.
12% increase in the median sold price coming in at $188,500. The increase in prices coupled with the decline in sales signals weakening in the number of entry-level buyers. Our local market is again opposite of the national market, where first-time buyers had 34% market share, the highest in four years.
Pending sales also dropped in September by over 8%, while nationally, existing pending listings increased by 1.5%.
From the decreased sales posted in September, the months’ supply of inventory increased by 4% to 4.25 months. This is the first increase in supply our local market has seen for almost two years, but the supply is still historically low for this time of year. Most of the inventory is in the price range of $275,000 and below, while the inventory below $275,000 is lower than normal, which may be a reason for less first-time buyers in the local market." - Brian Toohey, CEO Columbia Board of Realtors.