October home sales were 9 percent above sales in October of last year, according to The October 2011 RE/MAX National Housing Report, a survey of housing data from 53 metropolitan areas.
As the market settles in for the winter, an expected monthly decline in home sales from September to October registered 9.8 percent. However, October is the fourth consecutive month to show a year-over-year sales increase. With a foreclosure inventory that has been falling for several months, the resulting overall housing inventory dropped for the 16th-straight month, according to the survey. Accompanying the ongoing reduction of inventory was a further correction in home prices, down 5.4 percent from October 2010.
"It appears that home sales are coming more closely in line with the levels we saw last year, which should hold up through the winter months," says RE/MAX CEO Margaret Kelly. "While it’s good to see sales still running higher than last year, at some point we would like to see prices rising higher than the previous year, as well."
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