KUKI News

September Housing Market Down, Inventory Low

September showed a drop in home sales, according to the Lake County Association of Realtors. The LakeCountyNews reports the number of stick built homes sold totaled 94 last month, compared to 99 the same time last year. There were five sales of mobile homes in parks compared to six for the same time last year, and 27 bare land — lots and acreage — sales, compared with 38 for the same time last year. Most homes were selling at an average of 96% of the asking price.If the rate of sales stays the same at 94 homes sold per month, there are 4.4 months of inventory on the market at the moment compared to 5.2 months of inventory a month ago. That means that if no new homes are brought to the market for sale, in 4.4 months all of these homes would be sold and there would be none available. Less than six months inventory is considered to be a sellers market.

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