The rebound of home sales continued in October with 3.9% more sales than a year earlier across 54 metros analyzed by RE/MAX.
Leading the year-over-year sales percentage increase were Los Angeles, CA at +24.4%, Charlotte, NC at +19.1%, and Burlington, VT at +16.1%.
The firm’s National Housing Report also shows increased prices than a year ago with an October-record-setting median sales price of $258,800, up 8.4% year-over-year and rising 0.1% month-over-month.
Three metro areas’ prices increased year-over-year by double-digit percentages: Trenton, NJ at +20.9%, Albuquerque, NM at +15.8%, and Boise, ID at +10.9%. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -2.6% and Burlington, VT at -0.8%.
"October continued a recent win streak for home sales, and the market is positioned much better than it was a year ago," said RE/MAX Holdings CEO Adam Contos.
Inventory hits October low
But supply is getting tighter with inventory across the 54 metros slumping 9.0% as strong demand driven by low mortgage rates brings homebuyers out of the woods. While tight inventory has been a factor of the housing market in this decade, the 3.1 months of supply was the lowest for any October in the report’s 11-year history.
"Fortunately, key forecasts suggest an increase in new-homes moving onto the market next year, which would help address the inventory situation and potentially slow the steady price gains we've seen for so long," added Contos.
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