October Sees Near-Record Sales
DENVER (Nov. 17, 2016) – Last month saw the second-most sales – and the smallest inventory – of any October in the 9-year history of the RE/MAX National Housing Report. Add to that combination the highest year-over-year price increase of 2016 thus far: 8.3%.
Although posting near-record sales, this October finished 1% below October 2015 sales, which posted the highest of any October dating back to 2008. Sales declined year-over-year in 28 of the 53 markets surveyed, including many New England markets.
The number of homes for sale was the lowest of any month since May, and also the lowest of any October dating back to 2008. Inventory declined in 48 of the 53 markets surveyed. The Months Supply of Inventory was 3.9.
Reflecting strong sales and shrinking inventory, last month’s Median Sales Price increased by 8.3% to $216,500. Fueling the hike were double-digit increases in Florida markets (Miami, Tampa, Orlando) and markets with very low inventory (San Francisco and Denver).
“Although October sales weren’t quite as robust as what we’ve tracked so far in 2016, it’s only the second month this year that didn’t exceed the strong levels set in 2015. But finishing just 1 percent below October 2015 sales is still a very solid performance,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “It’s the 13th consecutive month of double-digit decline in inventory year-over-year, and that appears to have pushed prices up in all but one market.”
Read the full November Housing Report by clicking here.
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