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Home sales in the fall season have cooled down 8.6 percent in September compared to August, but remain 6.8 percent above last years' levels.
A National Housing Report from RE/MAX found that completed transactions in September reached a new peak since the report began in 2008.
During the first nine months of 2015, the average year-over-year increase for sales reached 5.9 percent. The last eight months, including September, have each recorded the the highest number of sales in their respective month since the report began.
RE/MAX also reported that 45 of the 53 metro areas surveyed recorded higher sales year-over-year, with 22 experiencing double-digit increases.
“Home sales usually cool down in the fall and it looks like this year is no exception, but September is falling right in line with the summer months with sales much higher than last year," said Dave Liniger, RE/MAX CEO, chairman of the Board and Co-Founder.
Top Sales Increases:
- Wichita, Kansas: 22.0 percent
- Manchester, New Hampshire: 21.0 percent
- Boise, Indiana: 18.8 percent
- Wilmington, Delaware: 17.3 percent
- Richmond, Virginia: 16.4 percent
According to the report, the median sales price for all homes in September fell 3.2 percent from August to $209,000, 7.2 percent above the price a year ago. Prices have risen for 44 consecutive months.
"Prices are also moderating on a month-to-month basis, and mortgage rates remain low. This translates to more attractive home affordability," Liniger said.
Top Price Increases:
- Nashville, Tennessee: 13.7 percent
- Denver, Colorado: 13.0 percent
- Tampa, Florida: 11.5 percent
- Orlando, Florida: 11.4 percent
- Las Vegas, Nevada: 10.9 percent
RE/MAX also noted that "although prices appear to be dropping as fall begins, low inventory continues to pressure prices on a year-or-year basis."
Inventory of homes for sale remains an issue, with 12.8 percent less homes compared to last year and 3.0 percent less than in August. Homes stayed on the market for an average on 62 days in September, up three days from August. The months supply of inventory was 4.5, up from 4.1 recorded in August and nearly the same as the 4.9 average last September.
Click here to view the full report.
