October marks the second consecutive month in 2014 with home sales higher than one year ago, according to the November RE/MAX National Housing Report. Following the normal fall seasonal trend, October home sales were 0.8% lower than sales in September, but 2.6% higher than the level of sales in October 2013. The Median Sales Price of all homes sold in the 53 metropolitan areas surveyed in October was $193,000, which was 7.4% higher than the median price last October. Home prices in October followed the 2014 pattern of steady growth, but at a slower rate than the double-digit increases seen in 2013. The inventory of homes for sale in October was 6.8% lower than last year. At the rate of home sales in October, the Months Supply of Inventory fell to 4.9 on a scale where 6.0 indicates a market balanced equally between buyers and sellers.
RE/MAX National Housing Report: Home Sales Remain Stronger than 2013
