Home sales stalled in October, increasing just 0.3 percent from last year, an abrupt slowdown from September’s double-digit growth. Twenty-seven of 67 metros tracked by Redfin had fewer transactions, including hot markets like Seattle, Denver, Austin, Miami and Dallas.
When compared to September, sales slowed everywhere last month but in San Francisco, Buffalo, Allentown and Miami.
Nationwide, the median sale price rose 6 percent in October, consistent with year-over-year gains posted in the past four months.
The sharp downturn in transactions was more than a typical seasonal slowdown, but it’s not yet apparent why it happened. A shortage of homes for sale, rain in parts of the country, and new federal rules on closings all might have played a part. In addition, sales were particularly robust in October 2014, which made last month slower by comparison.
The supply of homes for sale remained tight, particularly in Miami and on the West Coast. Nationwide, inventory fell 4.3 percent from a year ago. The number of new listings grew at their slowest pace since since May, up 3.5 percent from a year ago.
Despite the sales slowdown, more buyers made concessions to persuade sellers to accept their purchase offers. In addition, nearly 16 percent of Redfin offers waived inspection contingencies in October, up from 8.8 percent a year ago, and 10.5 percent waived financing contingencies, up from 7.6 percent.
You can download data from the October Housing Market Tracker in an Excel Spreadsheet.
For additional local analysis, see: Chicago | Los Angeles | San Francisco | Washington, D.C.
Want to receive information like this every month? Click here join our media email list.
