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With the fall season well underway, the housing market is showing signs of slowing down with declines in demand and inventory.
“October saw little change in the for-sale housing market other than the typical seasonal decline in demand and inventory,” said Jonathan Smoke, chief economist, Realtor.com. “Collectively, the inventory metrics speak to a stable and strong housing market that has moved into the slower part of the year.”
A recent report from Realtor.com found that list prices, which are consistent and up 6 percent year-over-year, are basically unchanged from September at $232,000.
But despite the uptick in home prices, Realtor.com says that they are “continuing to see signs of a fall slowdown.”
Buyers have fewer choices in the housing market as total listings decreased, but Smoke mentioned that he expects listing inventory in October to trend down 2 percent from September.
October listings are also moving slower than in September, with the median age of inventory now at 81 days, up one day from September but down three days, or 7 percent, from last year, the report showed.
Realtor.com also ranked the 20 hottest markets based on the number of views they receive and how quickly inventory moves. At the top of this list is Denver, Colorado, followed by San Jose, California; San Fransisco, California; Dallas, Texas; and Vallejo, California.
Photo Courtesy of Realtor.com
Hot Markets:
1. Denver, CO
2. San Jose, CA
3. San Francisco, CA
4. Dallas, TX
5. Vallejo, CA
6. San Diego, CA
7. Sacramento, CA
8. Santa Rosa, CA
9. Yuba City, CA
10. Los Angeles, CA
11. Stockton, CA
12. Santa Cruz, CA
13. Midland, TX
14. Nashville, TN
15. Oxnard, CA
16. Detroit, MI
17. Boulder, CO
18. Ann Arbor, MI
19. Modesto, CA
20. Fort Wayne, IN
