After a hot summer selling season, September home sales followed an expected seasonal trend and cooled off 8.6% lower than August, but were still 6.8% higher than September 2014.
The number of completed transactions was the highest seen in the month of September since the RE/MAX National Housing Report began collecting data in 2008. Based on the report’s MLS data from 53 metropolitan areas, the Median Sales Price for homes sold in September was $209,000, which is 7.2% above the price one year ago. The inventory of homes for sale still challenges this market at a level 12.8% less than September 2014. At the rate of home sales in September, the Months Supply of inventory was 4.5, nearly the same as the 4.9 average last September.
Median Sales Price
For the first 9 months of 2015, theaverage price increase over the same month last year was 7.6%. On a year-over-year basis, the Median Sales Pricehas now risen for 44 consecutive months. Although prices
appear to be dropping as fall begins, low inventory continues to pressure prices on a year-over-year basis.
Among the 53 metro areas surveyed in September, 48 reported higher prices than last year, with 10 rising by double-digit percentages.