Home prices, inventories drop in September

Altos Research's October Real-Time National Housing Market Update found housing prices fell for the third consecutive month in September, while housing inventories declined as well. The report showed 16 of the 26 housing markets posted monthly declines in prices, while the median price also declined in the 10-city composite to $444,045 in September, down from $446,796 in August.

Housing inventories decreased 1.89 percent in September, with the overall inventory down 2.25 percent in the last three months. All 26 of the metropolitan areas surveyed posted a decline in inventory. The research suggested that mortgage lenders are modifying more loans to stave off more foreclosures flooding the housing market.

But not all markets are experiencing declines. According to The Warren Group, a Boston real estate analyst company, suburbs north of Boston experienced a boost in sales of single-family homes in August. The data showed housing sales in the 57 Massachusetts cities and towns in the Globe North region climbed in July and August, with single-family home sales increasing 27 percent compared to August 2010 sales. The region has experienced two consecutive months of year-over-year sales increases, as sales in July climbed 8 percent compared to levels reported in the same month last year, according to the source. 

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