…The number of sales for the quarter was 2,743,
11.8% below the prior year quarter total of 3,110
sales, but 16.2% higher than 2,361 sales in the
second quarter. Listing inventory fell 15.9% to
10,305 from 12,255 in the prior year quarter.
The lower number of sales closely matched the
decline in listings resulting in a nominal decline in
the monthly absorption rate, which is the number
of months to sell all existing inventory at the
current pace of sales. The monthly absorption
rate was at was at 11.3 months, 4.2% faster from
11.8 months at this time last year…