Homes Sell at Fastest Pace in Over a Decade
For the first time since 2009, homes sold faster in October than the preceding summer peak season, according to the RE/MAX National Housing Report. And across 52 markets, the average of 38 days from listing to contract marked the fastest pace of any month in the report’s 13-year history.
Defying seasonality in a year upended by the pandemic, October sales were the third-highest year-to-date. Home sales were slightly up compared to September 2020 (+0.1%), and 20.8% ahead of October 2019. The Median Sales Price of $295,000, which was 0.9% higher than September’s median price and 15.4% higher year-over-year, set a report record for October.
Reflecting an abundance of home buyers and a shortage of sellers, inventory fell 32.5% year-over-year to set another report record.
October’s average Days on Market of 38 was one day less than September and down 11 days year-over-year. The average Months Supply of Inventory at 1.7 tied July and August for the smallest in report history, with a handful of markets reporting less than a one-month supply.
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