Despite record low inventory for the month, October home sales increased 2.5% year-over-year and kept 2017 prices ahead of 2016, according to this month’s RE/MAX National Housing Report.
Thirty-seven of the 53 metro markets in the November RE/MAX National Housing Report posted sales increases over October 2016. Meanwhile, inventory gauges were at their lowest point for an October in the report’s nine year history. The Months Supply of Inventory dropped to 3.3 – the lowest for any October in this housing report. It was mirrored by the Days on Market average of 51 days, also a new low for October for the report and a full week faster than the selling rate of homes in October of last year.
The Median Sales Price of $224,000 increased 3.3% over last October and was $19,000 higher than the same month in 2015. The median price remained on a par with the prices of last spring that kicked off the peak summer selling season.
Find the complete report here