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Home Prices Continue Rising, Sales Steady

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In the month of October, the average number of Days on Market for all homes sold in the 52 surveyed markets was 66. This is one day higher than the average seen in September, but is 16 days lower than the average seen in October 2012. October marks the 17th consecutive month with an average Days on Market below 90. A low Days on Market average, like 66 seen in October, is the direct result of continued high demand and a reduced inventory of homes for sale.

According to the report, the housing market has been plagued by a low inventory environment, but for 7 consecutive months, inventory has declined at a slower rate than during the same month of the previous year. While not yet adding inventory, the situation is improving. In October, there were 5.1% fewer homes for sale than in September, and 12.2% fewer than in October 2012. At the rate of home sales in October, the Months’ Supply of inventory was 4.9.

According to the report, the highest sales increases were reported in the following metros:
New York, NY +32.6%
Trenton, NJ +32.5%
Anchorage, AK +24.2%
Philadelphia, PA +18.2%
Wilmington, DE +18.1%
Manchester, NH +17.1%

Lowest months’ supplies were listed in these following cities:
San Francisco, CA: 1.4
Denver, CO: 2.3
Los Angeles, CA: 2.4
Orlando, FL: 2.7
Honolulu, HI: 2.8
San Diego, CA: 2.8

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