RE/MAX Finds October Home Sales Down 7.7 Percent

The autumn air put a chill on the housing market, according to the latest RE/MAX National Report, which found October home sales down 7.7 percent from September and 0.8 percent lower than October 2014.

The median sales price for all homes sold in October was $205,000, down 1.6 percent from September but up 6.5 percent from a year earlier. October marked the 45th consecutive month that the median sales price increased year-over-year. Among the 53 metro areas analyzed by RE/MAX, 46 reported higher prices than last year, with 13 enjoying double-digit percentage spikes.

Inventory continued to be a problem, with the number of homes for sale in October 5.7 percent lower than in September and 13.1 percent lower than a year earlier. In October, the average days on market for all homes sold was 62, up one day from the average in September and five days lower than the average in October 2014.

Dave Liniger, RE/MAX CEO and chairman of the board, not was concerned by the data.

“We’ve seen a very strong demand for homes in 2015 despite the continuing challenges of low inventory,” Liniger said. “Demand is mostly due to the slowly improving economy and a more favorable employment situation. October’s moderation of price increases is typical this time of year and actually offers home buyers a little better affordability.”