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A look back: What October meant for the housing market

A look back: What October meant for the housing market

 

 The Mortgage Reports Contributor

An up and down housing market

What did October do for the U.S. housing market? According to new data, inventory drops, price increases, and faster sales were just a few of the trends we saw in the first month of fall.

Housing inventory remains strapped

According to Realtor.com’s October 2019 Monthly Housing Market Trends Report, October had its ups and downs.

On the inventory front, the month saw listings drop by 6.9 percent over the year, with large-market inventory dropping slightly less (5.3 percent). In total, there were 98,000 fewer listings than in October 2018.

Inventory was down most in San Diego and Rochester, New York, where listings dipped more than 20 percent. The only markets to see listings increase were Minneapolis (up 15.7 percent), Las Vegas (+14 percent), and San Antonio, Texas (+8.8 percent).

A housing market silver lining

There was good news to come from October, though. For one, homes sold faster than in months past. At the national level, the average house sold in 66 days — up from 63 days this time last year.

In Raleigh, North Carolina, homes actually spent 11 fewer days on the market than one year ago.

Another silver lining comes by way of home prices. Though prices jumped 4.3 percent in October (reaching a median price of $312,000), their growth rate has slowed. In October 2018, prices grew 5.3 percent.

Home prices actually decreased in Minneapolis and Louisville, Kentucky, falling 2.9 percent. They also fell in Houston, where prices dipped 1.6 percent.

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