For the last three screen scrapes I have seen many substantial price reductions (between $5k and $20k). However the average price of homes for sale has continued to rise (now at $220)! We are almost back at early spring levels by my calculations.
No surprise, the average price per square foot of homes under contract is much lower, at $207.
It looks like the new listings who start out way above average price per sq ft are driving the trend. The ones actually trying to sell their house eventually start dropping prices. Again this week there were a lot of new listings, and many expirations.
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AB--Is your average $/SF based on all square foot ranges or a specific range? There's a definite correlation between $/SF and size of house.
Its all houses above a certain sqft and below a certain price. So perhaps the mix of house in my criteria is getting smaller which accounts for the increase in average sq foot. Not exactly the trend I was hoping to see by this time of year...sniff sniff.
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