Home Sales Steady in October as Prices Keep Climbing

""RE/MAX"":http://www.remax.com/ is the latest company to report an expected seasonal slowdown for housing in October. The real estate network reported a month-over-month decline in sales figures and prices as the market began to chill.

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""What we're seeing now are predictable seasonal cycles, which is just another sign that the housing recovery is bringing us back to a more normal market,"" said RE/MAX CEO Margaret Kelly.

Based on data reported for 52 metro areas nationwide, RE/MAX recorded a 2.8 percent decline in home sales from September to October, though transactions were still up 2.2 percent compared to last year.

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Of the markets surveyed in October, 35 posted higher sales than October 2012, and 19 reported double-digit increases, including: New York, New York (+32.6 percent); Trenton, New Jersey (+32.5 percent); Anchorage, Alaska (+24.2 percent); Philadelphia, Pennsylvania (+18.2 percent); and Wilmington, Delaware (+18.1 percent).

The median price of all homes sold across those markets was $179,950, a 2.7 percent drop from September's price. Compared to October 2012, prices were up 11.9 percent.

As usual, the markets that suffered worst in the fallout of the crash continue to post the biggest annual gains. In October, they were led by Detroit, Michigan (+45.2 percent); Atlanta, Georgia (+37.1 percent); Las Vegas, Nevada (+31.8 percent); Orlando, Florida (+26.5 percent); and San Francisco, California (+23.8 percent).

It was the 21st consecutive month in which home sales and prices experienced year-over-year improvements, RE/MAX reported.

Prices keep seeing boosts from diminished inventory. For October, RE/MAX reported a 5.1 percent month-over-month and 12.2 percent year-over-year decline in the number of homes for sale--leading to a 4.9 month supply of homes at the current selling pace. However, the company noted that inventory declines have slowed, with October's drop coming in at about ""half of the annual loss seen as recently as June.""