While monthly housing indicators demonstrate the usual fall slowdown, yearly metrics and realtor.com traffic continue to show solid growth in October reflecting strong and consistent buyer demand – according to realtor.com’s ‘Advance Read of October Trends.’
“Monthly inventory metrics point to a strong and steady market that has moved into the slower part of the year and reflect a momentum that has shifted to now favor buyers,” says Jonathan Smoke, chief economist for realtor.com. “Robust year-over-year housing metrics and traffic show just how far the housing market has come in 2015.”
Top line findings of the monthly report that draws on residential inventory and demand trends over the first three weeks of the month include:
- The national median list price is $232,000, virtually flat from September and up 6 percent year-over-year.
- Median age of inventory is now 81 days, up 1 day from September, but down 3 days, or 7 percent, year-over-year, and moving slightly more slowly as the fall season and colder weather dampen summer demand.
- Listings inventory will likely end the month down 2 percent from September.
- Driven by strong consumer demand on realtor.com and fast-moving inventory, Denver overtakes the top spot on the Hotness Index, up from number 3 and its first time atop the chart since May.
- California holds onto 12 cities on the Hotness Index, due to continued tight supply and a strong economy. Markets in the state have been characterized by exceptionally tight supply throughout the year, so discouraged buyers who have not been able to find a home yet remain active, supporting sustained strength in sales across much of Northern and Southern parts of the state.
“Sellers across all these markets continue to see listings move much more quickly than the rest of the country in October, and the seasonal slow-down is not as strong in these markets,” Smoke comments.