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).

Late June Housing Statistics

Post-April 30 Hangover

Here are some late June housing statistics (analysis costs extra). All info is for Edina Realty.

--Drop in showings since expiration of Buyer tax credits April 30: 40%
--Drop in "Pending" sales since expiration of Buyer tax credits: 40%.
--Percentage of Buyers who are first-time: 48%
--Percentage of homes sales under $250k: 80%

The narrative that accompanies the foregoing? Pretty self-evident.

P.S. Statistical averages are just that. For example, the neighborhoods close to Cedar Lake in Minneapolis (Fern Hill, Lake Forest, Sunset Gables) have been bucking the over all trend, with 8-10 pending sales in just the last two weeks.