BUSINESS HEADLINES

Home prices take a tumble

By Richard Greene | Published Saturday, November 24, 2018
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The average home sales price dropped to $192,500 last month.

The average price for the 64 homes sold in October was $44,000 less than September and $4,500 less than October 2017.

Of the homes sold last month, 42.6 percent were priced between $100,000 and $199,999. Homes between $200,000 and $299,999 made up 19.7 percent of the market.

The month ended a string of seven straight months of increasing inventory. The months of inventory dropped to 4.1 from 4.2 the previous month. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

The number of listed properties dropped from 314 in September to 300 in October. Homes spent 92 days on the market – a decrease of three days from October 2017.

The average 30-year, fixed-rate mortgage Wednesday dropped to 4.81 percent, according to Freddie Mac. The rate reached 4.94 percent earlier this month.

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