RE/MAX National Housing report indicates a M/M drop of 6.4% in October home sales led by a steep median sales price of $336K (+0.8% M/M, +11.8% Y/Y) and record low inventory; this marks almost double the typical seasonal decline.
Inventory in October narrowed 12.7% from September to the fifth-lowest level in the report's 14-year history, and October's 1.3 Months supply of inventory tied for second lowest in report history, alongside July and August of this year; on Y/Y basis, inventory was down 28%.
"Home buyers may see some relief in price appreciation during the coming months, even as sales levels stay high. Sellers remain in a very strong position, but with price stabilization and the continuation of competitive interest rates, buyers may find the coming months to be more advantageous than anytime earlier this year," President, RE/MAX Nick Bailey commented.
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