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October was a less than stellar month for home sales, according to the latest RE/MAX National Housing Report.
The average number of home sales last month decreased by one percent compared to one year ago, which marks the second month in 2016 with a decline. October’s median sales price increased year-over-year by 8.3 percent to $216,500. But the October level was down 1.6 percent from September, even though 52 of the 53 metro areas surveyed by RE/MAX saw year-over-year increases (Billings, Mont., was the odd metro to see negative growth in its median sales price).
The average number of days on the market for homes sold in October was 58, up two days from the average in September but down four days from October 2015. And the number of homes for sale in October was down 6.7 percent from September and down 15.9 percent from October 2015.
“Although October sales weren’t quite as robust as what we've tracked so far in 2016, it's only the second month this year that didn’t exceed the strong levels set in 2015,” said Dave Liniger, RE/MAX chairman and CEO. “But finishing just one percent below October 2015 sales is still a very solid performance. It’s the 13th consecutive month of double-digit decline in inventory year-over-year, and that appears to have pushed prices up in all but one market.”