Home prices were up 7.6 percent on a year-over-year basis in October, according to new data from Redfin, which the median sales price at $288,000. However, sales were down by 0.1 percent from last year, marking the fourth consecutive month of year-over-year sales declines.
reported the number of homes for sale fell by 12.2 percent last month, the most severe year-over-year decline in inventory since 2013. There was a 3.1-month supply of homes in October, with West Coast markets reporting the deepest level of low inventory. Only eight of the 74 metros that Redfin tracks posted year-over-year increases in inventory
“Despite strong buyer demand, sales are sputtering due to low inventory,” said Redfin Chief Economist Nela Richardson. “The last time we saw a substantial increase in the number of homes for sale, Donald Trump was a candidate in a Republican field of 11.”