November 2018 sees the second consecutive month of year-over-year growth in the number of homes for sale, according to the RE/MAX National Housing Report. Inventory rose 3.0%, which is the highest monthly year-over-year gain in the history of the report.
Home sales however declined 6.9% – the second largest year-over-year decline of 2018. November 2018 also sees a Median Sales Price increase of 4.0% higher than November 2017, at $235,000. Even with declining sales and price increases, homes sold fast, with an average of 51 Days on Market.
“The road to market normalization can be bumpy,” said RE/MAX CEO Adam Contos. “It’s good to see the small uptick in inventory, and the drop in November sales isn’t too surprising – given the recent trends, the mid-term elections, and the earlier-than-usual Thanksgiving holiday. As we near year-end, three main themes appear clear – buyers are grappling with affordability issues and tight inventory; sellers are unsure how to react to the cooling market; and homes priced properly are still selling rather quickly. All three underscore the fact that the guidance of a professional agent is even more critical in times like these.”
If you want a fresh start in a new home in 2019, contact your local expert RE/MAX Agent to discuss all of your real estate needs!
You can view the full report here.