SEATTLE—Home sales stalled in October, increasing by a mere 0.3% year over year, according to Redfin. This was an abrupt slowdown from September's double-digit sales growth.
Twenty-seven of 67 metros tracked by Redfin had fewer transactions, including "hot markets" like Seattle, Denver, Austin, Miami and Dallas.
Nationwide, the median sale price rose 6% in October, consistent with year-over-year gains posted in the past four months.
The supply of homes for sale remained tight, particularly in Miami and on the West Coast. Nationwide, inventory fell 4.3% from a year ago. The number of new listings grew at their slowest pace since May, up 3.5% from a year ago.
Compared with last year, more buyers made concessions to persuade sellers to accept their purchase offers in October. Nearly 16% of Redfin offers waived inspection contingencies, up from 8.8% a year ago, and 10.5% waived financing contingencies, up from 7.6%.
Other points from the report, from local markets, include:
- The median asking price increased the most in Sacramento, up 16.1% from September, to $499,900, and up 20.5% from a year ago.
- Only four metros – San Francisco (12.4%), Buffalo (4%), Allentown (2.9%), and Miami (0.6%)--had an increase in sales compared to September.
- Denver was the fastest market in October, with half of all homes selling in 12 days or less, compared to 11 days in September.
- Sixteen cities added inventory last month, with Tucson (14.7%), Phoenix (12.6%), and Columbus, OH, (12.0%) posting the biggest gains.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
