October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
New listings increased 7.9 percent for residential homes and 21.5 percent for townhouse/condo homes. Pending sales increased 23.4 percent for residential homes and 42.4 percent for townhouse/condo homes. Inventory decreased 32.9 percent for residential homes and 8.8 percent for townhouse/condo homes.
Median sales price increased 16.3 percent to $237,500 for residential homes but remained flat for townhouse/condo homes. Days on market decreased 20.9 percent for residential homes and 18.8 percent for townhouse/condo homes. Months supply of inventory decreased 34.5 percent for residential homes and 7.7 percent for townhouse/condo homes.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
Brandon Barbier
(314) 282-8757
