HAR Report: With 31,094 homes on the market, inventory levels have continued to expand, providing more opportunities for prospective homeowners. The average days on market increased from 48 to 51.
Months of inventory of single-family homes expanded from a 3.5-months supply last October to 4.4 months, which is the highest since September 2012 when there was a 4.7-months supply. Housing inventory nationally stands at a 4.3-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 the buyer nor the seller has the upper hand.
Broken out by housing segment, October sales performed as follows:
$1 - $99,999: increased 4.5 percent
$100,000 - $149,999: decreased 7.3 percent
$150,000 - $249,999: increased 16.1 percent
$250,000 - $499,999: increased 7.9 percent
$500,000 - $999,999: increased 25.9 percent
$1M and above: increased 33.8 percent
HAR also breaks out sales figures for existing single-family homes. In October, existing home sales totaled 5,163, which is up 14.7 percent compared to the same time last year. The average price rose 6.0 percent year-over-year to $429,778, and the median sales price increased 4.1 percent to $330,000.