Closed transactions for October followed an expected seasonal trend and dropped 9.8% from sales in September. However, when compared with October 2010, sales transactions were 9.0% higher this October.  Year-over-year transactions have now risen for five of the ten months in 2011. Of the 53 metro areas included in the survey, 38 experienced a rise in home sales from 2010, including: Albuquerque, NM +36.1%, Minneapolis, MN +34.3, Birmingham, AL +32.9%, Des Moines, IA +32.6%, Chicago, +22.3%, Providence, RI +21.0% and Raleigh-Durham, NC +20.5%.  

Median Sales Price

In the 53 metropolitan areas surveyed in The RE/MAX National Housing Report, the Median Sales Price of sold homes was $ 176,770. This is just 2.0% lower than the median price for September, and 5.4% lower than the median price in October 2010.  The 5.4% decline is just below the 5.6% year-to-year average for the ten months of 2011.  Of the total 53 metro areas, 11 saw price increases from last year, including:  Detroit, MI +11.5%, Omaha, NE +10.0%, Orlando, FL +6.7%, Des Moines, IA +3.6%, and Houston, TX +2.0%.  

Days on Market – Average of 54 Metro Areas

For the properties sold in the month of October, the average Days on Market was 95, just 2 days higher than the average of 93 seen in September, but 4 days higher than the average seen in October 2010. This past July and September 2010, both had an average Days on Market of 88, which represents the lowest average in the last 12 months. Days on Market is the number of days between first being listed in an MLS and when a sales contract is signed.  

Months Supply of Inventory – Average of 54 Metro Areas

The total number of homes for sale, or inventory, has dropped for 16 straight months. The average inventory of homes-for-sale in the 53 metro areas surveyed dropped 7.3% from September and 21.0% from October 2010.  The result is a 7.7 Month Supply of homes for October, the same as September, but down from the 9.7 supply seen in October 2010. Months Supply is the number of months it would take to clear a market’s active inventory at the current rate of sales.  A six-month supply is considered a balanced market between buyers and sellers.