Home Prices Stabilize but Inventory Remains TroubledBy RISMedia Staff
Home prices remained the same from September and were stable year-over-year as inventory continues to experience challenges for the fourth month in a row, according to a new report from Realtor.com.
Realtor.com’s Monthly Housing Trends Report for October found that the median listing price saw no change at $425,000, and was up 37.1% from 2019. Active listings were down 2%, and down 39% from 2019. New listings fell 3.2%, and were down 18.3% from 2019. Median days on the market fell by 1 day to 50, up 15 days from 2019. The share of active listings with price reductions dropped 2.6 percentage points to 18.9%, up 1.5 percentage points from 2019. Key highlights:
“The current housing market continues to challenge homebuyers and sellers alike, but we do see signs of adjustment,” said Danielle Hale, chief economist at Realtor.com. “While record-high mortgage rates are putting off many would-be buyers, decreases in both inventory and time homes spend on the market shows that some buyers are moving quickly to lock in rates before they can go any higher. Buyers did see some measure of relief in stable home prices this month, and we’ll be watching the rising share of listings with reduced prices to see how that impacts prices in the near future.” Realtor.com’s Executive News Editor Clare Trapasso added, “Because high mortgage rates, elevated home prices, and stubbornly low inventory make today’s housing market particularly challenging, many of today’s buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs, from return to office mandates to relocation opportunities created by remote work. On a positive note, our data shows that home shoppers with flexibility in their location choices can still find affordable options this fall.” For the full report, click here. |
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