October is the first full of month of fall and a time when more than just the weather cools off. Typically, the housing market does too. Summer shoppers have settled in and the number of active buyers and homes for sale both tend to decline as winter approaches. This year, however, the typical seasonal slowdown in homes for sale has reversed, according to the National Association of Realtors' consumer website. The site's October Monthly Housing Trends Report found that, in October, the number of homes for sale actually rose, with inventory up 5.1 percent month-over-month.
Still, it's down from last year at the same time and nearly 42 percent lower than what was normal in the three years before the pandemic. But Danielle Hale, chief economist for the site, says there are signs the market is beginning to adjust. “The current housing market continues to challenge home buyers and sellers alike, but we do see signs of adjustment,” Hale said. “Buyers did see some measure of relief in stable home prices this month and we'll be watching the rising share of listings with reduced prices to see how that impacts prices in the near future.”
[Source: PR Newswire]
