A Win-Win? Housing Inventory Down, Home Sales Up

housing marketNational home sales and median price listings in September went up from a year ago with the home inventory down about 20 percent, according to multiple reports Thursday.

These positive signals were offset by a continued slight downward trend in home sales prices, down 3.3 percent from a year ago according to RE/MAX.

But with home sales up, RE/MAX CEO Margaret Kelly said the hope is that sales price will follow. Of the 53 markets surveyed by the company, 17 saw yearly sales price increases, including Detroit (13.4 percent), Miami (8.4 percent) and Orlando, Fla. (7.8 percent).

Home sales nationally went up 7.6 percent from September 2010 with increases in 44 of 53 markets, including Des Moines, Iowa, (31.3 percent) and Minneapolis (30.1 percent).

Single-family home, condo, townhouse and co-op inventory was down 3.27 percent from August and down 20.09 percent from September last year, according to Realtor.com.

This year-over-year decrease could mean a return to seasonal patterns and higher prices in the coming months, though markets are still fragile and could weaken in bad economic conditions.

Read the full story at Housingwire.

See also:
Open Houses of the Week: Markets on the Rise
Mortgage Rates Jump After Record Low
5 Ways to Nab Autumn Buyers Before They Hibernate

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