October Monthly Market Comparison-HAR Report
October marked the 19th consecutive month of negative sales activity with year-over-year single-family home sales down 3.4 percent. That is the smallest monthly volume decline of 2023. When compared to pre-pandemic October 2019, sales were down 11.3 percent and when stacked against the sales volume in October 2018, five years ago, sales were down 4.6 percent.
In addition to the decline in single-family sales volume, total property sales and total dollar volume also fell below last year’s levels. Total dollar volume was $2.98 billion, down from $3.06 billion a year earlier. Single-family pending sales rose 11.0 percent. Active listings, or the total number of available properties, were 12.5 percent ahead of the 2022 level.
Months of inventory expanded in October to a 3.6-months supply, matching a level not seen since November 2019. Housing inventory nationally is at a 3.4-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.