Temps are Cooling; Market is Not

Think the housing market’s dropping with the temperatures around the country? Not this Fall. October’s housing market was hotter than ever, according to REALTOR.com.

In fact, October’s housing market was +10% higher this year when compared with last year’s October market. The national median home price was $275,000 and the national median age of inventory stood at 73 days.

Danielle Hale, chief economist at REALTOR, said “This month (October, we aren’t just experiencing still-summer weather…we also are seeing sizzling competitive housing market at a time when things are usually cooling off for the Fall. With not enough homes on the market to meet high demand, homes are selling 8% more quickly than a year ago, even though prices are as high as they’ve ever been.”

Hale continued. “For potential buyers who waited until Fall, hoping to score a bargain, the pickings are disappointingly slim but one potential bright spot for market fatigued buyers is that new listings are up slightly from one year ago. While new listings declined in the first four months of the year, they’ve increased on a year over year basis in five of the last six months.”

Let’s take a look at the REALTOR Housing Index for a look at a summary of Days on the Market (DOM) around the country…

 

San Jose/Sunnyvale/Santa Clara CA 30 days
Vallejo/Fairfield CA 38 days
San Francisco/Oakland/Hayward CA 30 days
San Diego/Carlsbad CA 40 days
Boston/Cambridge/Newton MA 46 days
Stockton/Lodi CA 41 days
Sacramento/Roseville/Arden CA 44 days
Detroit/Warren/Dearborn MI 47 days
Denver/Aurora/Lakewood CO 41 days
Modesto CA 43 days

*DOM compilation generated by rismedia.com

These tallies reinforce the need for buyers to have all their ducks in order by getting pre-approved first thing. As “they” have said for years, “the early bird gets the worm.”