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In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

Real Estate

U.S. housing market experiences largest inventory decline since 2018

In October, the number of homes for sale grew 3.9% from the previous year

In October, America’s home sales rose by 3.9%, marking the fourth month of the past six to post a year-over-year increase in sales, according to the RE/MAX National Housing Report.

“October continued a recent win streak for home sales, and the market is positioned much better than it was a year ago,” said RE/MAX Holdings CEO Adam Contos. “Demand is strong, due in part to low-interest rates, but buyers have limited options because inventory remains such a challenge.”

RE/MAX reports that although sales increased last month, the nation’s housing inventory posted a steep decline. According to the company, housing inventory fell 9% year-over-year across the report’s 54 housing markets, representing the largest retreat since May 2018.

Furthermore, October posted a 3.1-month supply of inventory, marking the lowest October amount in the report’s 11-year history. RE/MAX indicates homes spent 49 days on the market, which is the second-lowest figure for October in report history.

As the nation’s housing inventory dwindles, home prices continue to rise across the country, Contos said. However, key forecasts suggest an increase in new-homes moving onto the market next year, which Contos said may help address inventory constraints and potentially slow steady price gains.

According to the report, the median price for a home was $254,000 in October, climbing 8.4% from last year. Going back to October 2013, last month’s total now marks the highest annual increase for the month.

NOTE: The RE/MAX National Housing Report is based on MLS data in approximately 53 metropolitan areas, including all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. 

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