October’s home sales were down 4.6% from September and down 8.7% from one year earlier, according to new data from RE/MAX (NASDAQ:RMAX).
Last month’s median sales price of $410,000 held steady from the prior month and was 2.8% above the October 2022 level. Homes sold for an average of 99% of the listing price in October, the same as the prior month and one year earlier. The average close-to-list price ratio of all 53 metro areas tracked by RE/MAX was 99%, flat compared to both September and October 2022.
The number of newly listed homes was down 5% compared to September and down 1.3% year-over-year. Although there were 6.9% fewer homes on the market from one year earlier, October’s inventory grew 4.6% month-over-month to continue a streak of monthly increases that began in April.
“October had some encouraging signs – especially compared to a year ago,” said Nick Bailey, President and CEO of RE/MAX LLC. “Given the interest rate environment, it was good to see the trend of monthly inventory gains continuing, and prices appear to be stabilizing for the moment. It remains a challenging market, but demand for homes is still high – and buyers are gaining a little more leverage as time goes on.”
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Right… The rate hikes are working good. But next month you will be posting how awesome sales are and how everything is back to sky-high over inflated pricing because they paused the rate hikes this month. Inventory will dry up if they continue to allow rates to trickle back down. Until builders quit dragging their feet we will continue to see inflated demand.