October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
- New Listings decreased 2.9 percent for Single Family homes but increased 2.7 percent for Townhouse/Condo homes.
- Pending Sales increased 24.8 percent for Single Family homes and 35.8 percent for Townhouse/Condo homes.
- nventory decreased 39.8 percent for Single Family homes and 2.6 percent for Townhouse/Condo homes.
- Median Sales Price increased 15.0 percent to $415,000 for Single Family homes and 13.1 percent to $190,000 for Townhouse/Condo homes.
- Median Time to Contract decreased 47.4 percent for Single Family homes and 14.3 percent for Townhouse/Condo homes.
- Months Supply of Inventory decreased 41.5 percent for Single Family homes but increased 3.6 percent for Townhouse/Condo homes.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.