September Home Sales Tumble as Prices Remain at Record Highs

 

We hope that fall is off to a great start for you and your family. Like the falling leaves of trees, September saw a tumble in year-over-year home sales according to the RE/MAX National Housing Report.

Here are three key takeaways from September’s Report.

1.) September sales dropped 11.6% year-over-year.
2.) Median sale prices rose to $241,000. That’s an increase for the 30th month in a row.
3.) Active inventory dropped 4.7% from September 2017. That’s the 119th month in a row to see fewer homes on the market.

The drop in sales drop does suggest that the market is rebalancing as buyers and sellers are processing higher interest rates. Prices are still high most likely because of the lack of homes that are on the market.

Of course, these numbers represent a national sample. If you’re thinking about a transition or just interested in finding out what all of this means for the value of your property,  we’d be happy to talk to you about our local market.

Thank you for trusting us as your real estate experts.

Have a Wonderful Day!