As we approach the holiday season, the housing market is showing stability and even resilience through the seasonal slowdown. The 19-market median sale price is up 15.3 percent year over year at $327,302. Month-over-month prices ticked down slightly with a 0.9 percent decrease. Home sales were up 0.6 percent over last year’s very strong October with 74,363 homes sold this month. Inventory continues to be the low point in the housing market, down 10.4 percent over last year, and down 5.5 percent from last month. As we said last week, shifting market conditions, such as reduced competition and falling mortgage rates, likely sustained demand in October.
- Seven of 19 markets had month-over-month price gains in October and all 19 markets are up year over year.
- Despite sturdy sales overall, home sales in markets on the West Coast showed weakness in October.
- Inventory dropped into its seasonal decline with only two of 19 markets having a month-over-month inventory increase.
Prices Strong and Stable
Prices showed unexpected resilience with a small 0.9 percent month-over-month decline compared to a 0.4 percent drop last year. Year-over-year prices are up a solid 15.3 percent across the 19 markets.
Median sale price trend over last four years in 19 top U.S. housing markets.
Month-over-month price increases were seen in Las Vegas, Long Island, Philadelphia, Phoenix, Riverside, and San Francisco, with Sacramento unchanged. Year-over-year increases were seen in all 19 metros with Las Vegas, Sacramento, and Riverside leading the way with 30 percent year-over-year median sale price increases.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”