October saw a continuation of the trend throughout the year, with both home prices and home sales rising above the levels seen one year ago. In the October RE/MAX National Housing report, a survey of MLS data in 52 metropolitan areas, closed transactions increased 17.8% over October 2011. The Median Home Price rose 2.1% higher than the median seen last October, representing the ninth month in a row that prices have been higher than the same month last year. The falling Inventory is a significant concern in many markets. The number of homes for sale in October was 28.9% lower than last October. This has caused prices to rise, but also presents a serious challenge for many homebuyers. Multiple offers and some bidding wars have occurred in markets where inventory is sharply lower.
The above is an excerpt from the monthly RE/MAX National Housing Report.Â Click here to read the full two-page report.