A study of New London real estate released this week shows that prices have fallen 38 percent in the past two years, even as the inventory of homes has been cut by more than half.

The study by RE/MAX of New England said the median price of a New London housing unit in September 2010 was $153,000. It had dipped to $95,000 by last month — a reduction of $58,000.

Reduced pricing has allowed housing to move faster, however, bringing the 28-month supply of units two years ago down to only nine months today. Another positive: September pending sales were 13, five better than in 2010.