DENVER-Following historic seasonal trends, October home sales edged 2.8% lower than September, but still pushed 2.2% higher than sales in October 2012, RE/MAX reports. Median home prices were 11.9% above prices seen last October.

October becomes the 21st month to experience year-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 were 12.2% lower than the levels in October last year. For the last 29 months in a row, inventories have declined at a slower rate. The October inventory drop is half of the annual loss seen as recently as June. At the current rate of sales, the number of months required to sell the entire inventory of homes on the market was 4.9. A 6-month supply is recognized as a balanced market with an equal number of buyers and sellers.

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