Home prices and resales were lower in October than in the previous months. While not surprising as we move into the holidays, it also indicates we are approaching a more normal real estate market. The median price for a resale home dropped from $202,500 in September to $199,900 in October. This is up 8.1 percent from the same time last year. The number of closed sales was also slightly lower than in September, 2,861 versus 2,982. Inventory is also up, with 8,880 single family houses available, a four month inventory. Six months worth of inventory is typical in a balanced market.
If you want to take advantage of our current low interest rates and have your first three months’ interest payments made for you, contact us!