November 2017 Market Update
According to the National Association of REALTORS®, existing home sales inched up slightly this September. While buyer demand remains strong in much of the country, these marginal gains reflect the inventory strain that continues to impact many markets.
Home SalesThe National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.4 million homes during the month of September. This was an increase of 0.7 percent from August and a decrease of 1.5 percent from September of last year.
Home PricesThe median home price decreased to $245,100 in September, which was down 3.2 percent from August and up 4.2 percent from September of last year. The median home price has increased by approximately $9,900 in the past year alone.
InventoryThere was a 4.2-month supply of housing inventory in September, which was flat from August. The total number of available homes for sale has decreased by 6.7 percent compared to September of last year.
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