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Home Sales Down in October, Still Higher than Last Year
Home Sales Down in October, Still Higher than Last Year
Home Sales Down in October, Still Higher than Last Year
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November 18, 2011 (Jeff Alan)

Closed transactions of home purchases fell 9.8 percent from September to October but were still 9.0 percent higher than in October 2010 according to RE/MAX’s National Housing Report (NHR).

Thirty-eight out of the 53 metro areas in the report posted year-over-year increases in closed transactions. Last month 43 of the metro areas posted an increase in transactions. Albuquerque, NM (+36.1%), Minneapolis, MN (+34.3), Birmingham, AL (+32.9%), Des Moines, IA (+32.6%), Chicago, (+22.3%), Providence, RI (+21.0%) and Raleigh-Durham, NC (+20.5%) recorded the highest gains in closed transactions in October.

The median sales price of a home declined 2.0 percent from $183,762 in September to $176,770 in October and was 5.4 percent lower than the median sales price of $186,800 in October 2010.

Eleven of the 53 metro areas posted higher sales prices in October than they did a year earlier, down from 17 metro areas last month. The areas that posted the largest price gains were Detroit, MI (+11.5%), Omaha, NE (+10.0%), Orlando, FL (+6.7%), Des Moines, IA (+3.6%), and Houston, TX (+2.0%).

The average number of days it took to sell a home in October was 95, which was 2 days longer than the 93 days it took in September. The average month’s supply of inventory in October remained unchanged from September at 7.7 months, but was still down from a 9.7 months supply of homes in October 2010. September’s average month’s supply of inventory was upwardly revised from 7.4.

For all 53 metro areas, the average monthly inventory of homes for sale declined by 7.3 percent from September and was 21.0 percent lower than in October 2010. It was the 16th consecutive month that the supply of homes for sale has declined.

“It appears that home sales are coming more closely in line with the levels we saw last year, which should hold up through the winter months,” said Margaret Kelly, CEO of RE/MAX, LLC. “While it’s good to see sales still running higher than last year, at some point we would like to see prices rising higher than the previous year, as well.”

Tags: home sales, home prices, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

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Estimate your monthly mortgage payment
Auto Loan
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Determine how much car you can afford before buying
Learn About
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15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

November 18, 2011 (Jeff Alan)

Closed transactions of home purchases fell 9.8 percent from September to October but were still 9.0 percent higher than in October 2010 according to RE/MAX’s National Housing Report (NHR).

Thirty-eight out of the 53 metro areas in the report posted year-over-year increases in closed transactions. Last month 43 of the metro areas posted an increase in transactions. Albuquerque, NM (+36.1%), Minneapolis, MN (+34.3), Birmingham, AL (+32.9%), Des Moines, IA (+32.6%), Chicago, (+22.3%), Providence, RI (+21.0%) and Raleigh-Durham, NC (+20.5%) recorded the highest gains in closed transactions in October.

The median sales price of a home declined 2.0 percent from $183,762 in September to $176,770 in October and was 5.4 percent lower than the median sales price of $186,800 in October 2010.

Eleven of the 53 metro areas posted higher sales prices in October than they did a year earlier, down from 17 metro areas last month. The areas that posted the largest price gains were Detroit, MI (+11.5%), Omaha, NE (+10.0%), Orlando, FL (+6.7%), Des Moines, IA (+3.6%), and Houston, TX (+2.0%).

The average number of days it took to sell a home in October was 95, which was 2 days longer than the 93 days it took in September. The average month’s supply of inventory in October remained unchanged from September at 7.7 months, but was still down from a 9.7 months supply of homes in October 2010. September’s average month’s supply of inventory was upwardly revised from 7.4.

For all 53 metro areas, the average monthly inventory of homes for sale declined by 7.3 percent from September and was 21.0 percent lower than in October 2010. It was the 16th consecutive month that the supply of homes for sale has declined.

“It appears that home sales are coming more closely in line with the levels we saw last year, which should hold up through the winter months,” said Margaret Kelly, CEO of RE/MAX, LLC. “While it’s good to see sales still running higher than last year, at some point we would like to see prices rising higher than the previous year, as well.”

Tags: home sales, home prices, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

November 18, 2011 (Jeff Alan)

Closed transactions of home purchases fell 9.8 percent from September to October but were still 9.0 percent higher than in October 2010 according to RE/MAX’s National Housing Report (NHR).

Thirty-eight out of the 53 metro areas in the report posted year-over-year increases in closed transactions. Last month 43 of the metro areas posted an increase in transactions. Albuquerque, NM (+36.1%), Minneapolis, MN (+34.3), Birmingham, AL (+32.9%), Des Moines, IA (+32.6%), Chicago, (+22.3%), Providence, RI (+21.0%) and Raleigh-Durham, NC (+20.5%) recorded the highest gains in closed transactions in October.

The median sales price of a home declined 2.0 percent from $183,762 in September to $176,770 in October and was 5.4 percent lower than the median sales price of $186,800 in October 2010.

Eleven of the 53 metro areas posted higher sales prices in October than they did a year earlier, down from 17 metro areas last month. The areas that posted the largest price gains were Detroit, MI (+11.5%), Omaha, NE (+10.0%), Orlando, FL (+6.7%), Des Moines, IA (+3.6%), and Houston, TX (+2.0%).

The average number of days it took to sell a home in October was 95, which was 2 days longer than the 93 days it took in September. The average month’s supply of inventory in October remained unchanged from September at 7.7 months, but was still down from a 9.7 months supply of homes in October 2010. September’s average month’s supply of inventory was upwardly revised from 7.4.

For all 53 metro areas, the average monthly inventory of homes for sale declined by 7.3 percent from September and was 21.0 percent lower than in October 2010. It was the 16th consecutive month that the supply of homes for sale has declined.

“It appears that home sales are coming more closely in line with the levels we saw last year, which should hold up through the winter months,” said Margaret Kelly, CEO of RE/MAX, LLC. “While it’s good to see sales still running higher than last year, at some point we would like to see prices rising higher than the previous year, as well.”

Tags: home sales, home prices, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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