This past summer has been the hottest summer selling season that has been seen in years. October home sales dropped 7.7% compared to September but was only 0.8% lower to last October. The median sales price for homes sold in October was $205,000 which is 6.5% higher compared to October 2014. The market is still having its challenges with the inventory of homes for sale with it being 13.1% less compared to last year, but the Months Supply of inventory is staying consistent at 4.5%.
“We’ve seen a very strong demand for homes in 2015 despite the continuing challenges of low inventory. Demand is mostly due to the slowing improving economy and a more favorable employment situation. October’s moderation of price increases is typical this time of year and actually offers home buyers a little better affordability.”
Dave Linger, RE/MAX CEO, Chairman of the Board f Co-Founder
