DENVER-Following historic seasonal trends, October homesales edged 2.8% lower than September,but still pushed 2.2% higher than sales in October2012, RE/MAX reports. Median home prices were 11.9%above prices seen last October.
October becomes the 21st month to experienceyear-over-year increases in both sales and prices.The Median Price of all homes sold in October was$179,950. Inventories of homes for sale were12.2% lower than the levels in Octoberlast year. For the last 29 months in a row, inventorieshave declined at a slower rate. The October inventory drop is halfof the annual loss seen as recently as June. At the current rate ofsales, the number of months required to sell the entireinventory of homes on the market was 4.9.A 6-month supply is recognized as a balanced market with an equalnumber of buyers and sellers.
See the report here.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
