October’s home sales were down 4.6% from September and down 8.7% from one year earlier, according to new data from RE/MAX (NASDAQ:RMAX).
Last month’s median sales price of $410,000 held steady from the prior month and was 2.8% above the October 2022 level. Homes sold for an average of 99% of the listing price in October, the same as the prior month and one year earlier. The average close-to-list price ratio of all 53 metro areas tracked by RE/MAX was 99%, flat compared to both September and October 2022.
The number of newly listed homes was down 5% compared to September and down 1.3% year-over-year. Although there were 6.9% fewer homes on the market from one year earlier, October’s inventory grew 4.6% month-over-month to continue a streak of monthly increases that began in April.
“October had some encouraging signs – especially compared to a year ago,” said Nick Bailey, President and CEO of RE/MAX LLC. “Given the interest rate environment, it was good to see the trend of monthly inventory gains continuing, and prices appear to be stabilizing for the moment. It remains a challenging market, but demand for homes is still high – and buyers are gaining a little more leverage as time goes on.”
