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Tuesday, November 23, 2010

So, Which is It? Down 2.2%? Or Down 26%?

Confusing Housing Statistics

"U.S. Home Sales Fell 26% in October."

--The New York Times (11/23/2010)

"Home Sales Fell 2.2% in October."

--The Wall Street Journal (11/23/2010)

So which is it?

Both, actually.

Home sales fell 26% in October, 2010 compared with October, 2009.

And they dropped 2.2% compared with the preceding month (September, 2010).

However, the real statistic of note for the Twin Cities market is the year-over-year number: down 41%.

That's not much of a surprise to local Realtors.

The only thing dulling the sting a bit is that the October, 2009 numbers were juiced by the (then-looming) tax credit expiration, one month away (November 30, 2009).

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