Despite a rising inventory from one year earlier, November’s home sales fell 6.9 percent year-over-year and were down by 10.1 percent from October, according to new data from RE/MAX
. Sales were down for the fourth consecutive month when compared to the same months in 2017.
The number of homes for sale in November was down 7.1 percent from October, but it was 3 percent higher from one year earlier. The Months’ Supply of Inventory increased to 3.9 from 3.5 in October and increased compared to November 2017 at 3.6.
During November, the median sales price for all 53 metros tracked by RE/MAX was $235,000, equivalent to October’s level and up four percent from November 2017. Only two metro areas saw a year-over-year median sales price decrease: Honolulu (-3.2 percent) and Birmingham, Ala. (-0.7 percent). Three metro areas increased year-over-year by double-digit percentages: Boise, Idaho (18.2 percent), Las Vegas (12.2 percent) and Wichita, Kan. (11.4 percent).
“The road to market normalization can be bumpy,” said RE/MAX CEO Adam Contos. “It’s good to see the small uptick in inventory, and the drop in November sales isn’t too surprising – given the recent trends, the mid-term elections, and the earlier-than-usual Thanksgiving holiday. As we near year-end, three main themes appear clear – buyers are grappling with affordability issues and tight inventory; sellers are unsure how to react to the cooling market; and homes priced properly are still selling rather quickly.”