Inventory Grows While Declines in Sales, New Listings Soften

Seasonal declines in home sales and new listings softened in October while inventory grew for a seventh consecutive month across the 53 metro areas surveyed. 

Home sales dropped 4.6% from September to October, far less than the 13.5% month-over-month drop in October 2022. New listings also declined 5.0%, which was also less than half of the 11.1% drop from September to October last year.

While there were 6.9% fewer homes on the market year over year, October’s inventory grew 4.6% month over month to continue a streak of monthly increases that began in April.

The median sales price of $410,000 did not budge from September and remained 2.8% above October 2022.

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