Last month saw the second-most sales – and the smallest inventory – of any October in the 9-year history of the RE/MAX National Housing Report. Add to that combination the highest year-over-year price increase of 2016 thus far: 8.3%.
The number of homes for sale was the lowest of any month since May, and also the lowest of any October dating back to 2008. Inventory declined in 48 of the 53 markets surveyed. The Months Supply of Inventory was 3.9.