RE/MAX: September Home Sales Take 11.7 Percent Drop

Home sales in September fell by 11.7 percent from August, but were two percent above last year’s level, according to data from the latest RE/MAX National Housing Report.

September’s median sales price was $219,780, 5.1 percent higher than the September 2015 level. None of the 52 metro areas tracked by RE/MAX recorded a year-over-year price drop last month, with the largest price gains were reported in Birmingham, Ala. (17 percent) and Miami (15.2 percent).

The national inventory average from 3.4 months in August to 3.9 in September, the highest since February but still below the six-month supply that is considered to be healthy for the housing market. The average number of days on the market for homes sold in September was 56, up two days from August 2016 but down five days from September 2015.

“The market usually sees fewer home sales in September, as buyers make a seasonal transition from summer to fall,” said Dave Liniger, RE/MAX CEO and chairman of the board. “Even so, sales were the highest of any September since we launched our Housing Report in 2008. Also, price increases continue to be in the moderate five-percent year-over-year range. Overall, this is a market that most everyone can be satisfied with.”