October continues the trend of lower year-over-year home sales which contributed to the first year-over-year inventory increase in a decade. The Median Sales Price however had its lowest increase of 2018.
This month’s report shows sales declining 4.6% from a year ago – lower than the drops we saw in September (11.6%) and August (11.1%) – and marks the eighth month of 2018 to record lower sales than 2017.
“The market continues to move toward equilibrium. The modest inventory increase is a much welcome sign for buyers,” said RE/MAX CEO Adam Contos. “Although home sales were down year-over-year, it’s encouraging to see the magnitude of the decline decrease from the sharp drop we witnessed in September. The trend of easing price increases remains and that’s also a positive.”
“The imbalance that has defined this market for so long continues to moderate,” said Contos. “However, it will take some time to recalibrate. Rising prices and interest rates and tight inventory levels continue. Buyer and seller expectations still appear to be a bit mismatched suggesting a choppy market remains in place.”
If you want a fresh start in a new home before the end of the year, contact your local expert RE/MAX Agent to discuss all of your real estate needs!
You can view the full report here.