For-sale inventory in October remained at an unusually low level for the season, with homes moving 2 percent faster than this time last year, realtor.com® recently reported. The median age of properties on realtor.com is expected to be 79 days in October, or two more days than last month.
“October is typically thought of as the off-season for home sales, but this year, buyers are gobbling up inventory like it’s Halloween candy,” says Jonathan Smoke, realtor.com chief economist. “In fact, the number of homes for sale declined more in October than at any other point this summer, leaving us with 11 percent fewer active listings than a year earlier and the largest monthly inventory drop since July 2015.”
Only 415,000 new listings entered the market in October, according to realtor.com’s report. The median list price remained at $250,000, or 8 percent higher than one year ago and unchanged from last month. That continues the record-setting trend this year, and marks a new high for October.
The hottest markets in October, as ranked by realtor.com, are seeing inventory move 18 to 45 days faster than other markets.
For more information, please visit www.realtor.com.