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October Market Report


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U.S. existing-home sales climbed 1.5% month-over-month and 4.1% year-over-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South, and West, while the Midwest experienced a slight decline.


New Listings decreased 3.8 percent to 151. Pending Sales increased 20.3 percent to 148. Inventory increased 13.7 percent to 738.


Median Sales Price increased 11.3 percent from $260,000 to $289,500. Days on Market increased 59.6 percent to 83. Months Supply of Inventory increased 4.8 percent to 6.5.


Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14.0% higher than the same period last year. This represents a 4.6- month supply at the current sales pace, according to NAR. The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.



Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.


To view the full Market Report for October download the link below.







 
 
 
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