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Home Sales Experience Seasonal Decline in October, Report Shows

for-saleHome sales in October settled down from the booming summer season, dropping 7.7 percent from September, and 0.8 percent year-over-year.

RE/MAX's October 2015 National Housing Report showed that year-over-year, home sales rose 5.2 percent for the first from January to October. In addition, only in October and January were home sales lower than the same month last year.

The seasonal decline  in home sales from September to October over the last eight years totals 3.4 percent, the report noted.

RE/MAX found that 20 of the 53 metro area surveyed had higher year-over-year home sales, with seven of these cities experiencing double-digit increases.

Among the top five metros with the highest percentage of sales increases are: Burlington, Vermont (14.5 percent); Richmond, Virginia (14.3 percent); Manchester, New Hampshire (12.8 percent); Baltimore, Maryland (11.9 percent); and Boise, Indiana (11.8 percent).

In October, the median sales price for all homes fell 1.6 percent from last month to $205,000, but was 6.5 percent higher year-over-year, the data showed. On average, home prices have risen 7.5 percent from January to October over the same month last year. The median sales price has increased consecutively for 45 month on a year-over-year basis.

RE/MAX believes that "a low inventory supply continues to pressure prices, even though prices are moderating with the change of seasons."

Among the top five metros with the highest home price increases are: Honolulu, Hawaii (22.9 percent); Denver, Colorado (13.6 percent); Des Moines, Iowa (13.3 percent); Orlando, Florida (12.5 percent); and Anchorage, Arkansas (11.9 percent).

Inventory proved to be weak in October, falling 5.7 percent month-over-month ans 13.1 percent year-over-year, RE/MAX reported. The average loss of inventory from January to October is 11.9 percent. The months supply of inventory in October was unchanged from September 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 slowly 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," said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

Click here to view the full report.

About Author: Xhevrije West

Xhevrije West is a writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.
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