Smith County home sales experience seasonal dip in September

Published on Sunday, 29 October 2017 17:08 - Written by ROY MAYNARD,

Home sales in Smith County saw a seasonal dip in September, but it wasn’t enough to derail the drive toward another record-breaking year.

A total of 208 homes were sold in September, down from August’s 291 homes sold. That’s a decrease of about 28 percent.

But that’s typical of September, because families typically seek to be in their new homes by the time school starts.

In 2016, the dip was 254 homes sold in August and 223 homes sold in September.

This year, the average home price rose about 3 percent, from $214,725 in August to $221,421 in September.

The median home price also rose, from $185,000 in August to $195,000 in September. That’s an increase of 5.4 percent.

The median home price can be a more useful gauge, because it’s the midpoint of all the homes sold, and isn’t skewed by unusually high or unusually low prices.

The number of active listings held steady, at 1,141. That’s down just three from last month. The number of homes sold so far this year is 2,077. At this point last year, a total of 1,969 homes had sold.

The average days on market went up from August’s 59 days to 63 days in September. That’s a reflection of the cooler autumn housing market.

Finally, the month’s inventory held steady at 5.4 months. Month’s inventory is how long, based on the past year’s sales rate, it would take to clear out existing inventory with no more homes introduced into the market.