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Home Sales Increase But They're Still Short Of Last Year's Numbers

Home Sales Increase — But They’re Still Short Of Last Year’s Numbers

In a report released on November 21, 2018, the National Association of Realtors described how existing home sales were up 1.4% in October over September after six months of decreases. This seems exciting! But sales are down 5.2% compared to last year (October 2017), and the report includes single-family homes, condos, and co-ops. But what does this mean for buyers and sellers in the housing market now?

Housing Market Conditions: What Are The Trends?

Cash sales are up slightly (3% YOY) and home sales to investors are also up 2%. Yet one of the biggest differences being observed in the housing market is within certain price ranges:

Price Range
% Change in Sales Since Last Year
0 – $100K -10.9%
$100 – $250K -1.9%
$250 – $500K +4.6%
$500 – 750K +0.9%
$750K – $1 Million +7.5%
$1 Million + +6.5%

Source: “October 2018 Existing Home Sales.” NATIONAL ASSOCIATION OF REALTORS®

  • Sales in the lowest price range are down substantially (10.9% YOY for homes under $100K).
  • Home sales at the high end ($750K+) are growing the most.
  • Mid-range home sales ($250 – $500K) are up slightly, too, at 4.6%.

Home prices are also slightly up over last year — 3.8% — with the median sale price coming in at $255,400.

What Does Housing Market Inventory Look Like Now?

  • The total U.S. inventory of homes decreased, going from 1.88 million homes in September 2018 to 1.85 million by October, but it’s an increase from 1.80 million homes a year ago.
  • Homes are staying on the market for just longer than a month (33 days), which is just above September 2018 (32 days) and just below last year’s 34 days.
  • Almost half of homes listed (46%) were on the market for less than a month.

How Do Home Sales Impact Home Buyers?

If you’re looking to buy a home, the housing market you’re searching in can have a lot of impact a lot on what you end up paying for a home, how hard it is to get an offer accepted by a seller, and how long it takes you to find — and close on — the right home.

If you need to know more about what it takes to buy a house, read Mr. Cooper’s Homebuying Guide. And if you’re ready to take your first step, get in touch with us today.