RE/MAX: October Home Sales Up 5.4%

Posted by Orb Staff on November 16, 2012 No Comments
Categories : Residential Mortgage

12763_handshouse RE/MAX: October Home Sales Up 5.4% October's home sales were up 5.4% from September and up 17.8% from a year ago, according to new data from RE/MAX. October's figures represent the sixteenth month in a row when sales were higher than the same month in the previous year.

RE/MAX reports that out of the 52 metro areas surveyed in October, 48 saw higher sales than one year ago and a record 40 saw double-digit increases, including Providence, R.I. (48%) and Chicago (44%).

During October, the median price of all homes sold was $158,900, a 3.7% drop from the median price in September, but a 2.1% increase from October 2011. October is the ninth consecutive month with higher prices than the same time last year.

The average days on the market for homes sold in October was 82. This is one day higher than the 81 day average in September, but 13 days less than the average of 95 seen last October. October represents the fifth time in the past 12 months that a days on the market average was below 90, and it was the second lowest average since June 2010.

Also in October, the number of homes for sale fell 6.3% from September and 28.9% from inventory levels seen in October 2011. Month-to-month inventories have now fallen for 28 consecutive months.

‘As we enter the fourth quarter, 2012 is looking like the turn-around year for housing, with significant increases in sales and prices,’ says Margaret Kelly, CEO of RE/MAX LLC. ‘However, we recognize that this recovery is still fragile and dependent on more reasonable lending and regulation. If qualified buyers can obtain mortgages and more inventory comes to market, this recovery could become even stronger next spring.’

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