Despite inventory shortages, existing home sales increased for the month of October. There was almost a 4 month month supply of inventory in October which was 7.1 percent less from the inventory in September. The total number of homes for sale decreased by 11.4 percent when compared to October 2016.
The National Association of REALTORS® reports that there was about 5.5 million homes on the market in October which was a 2 percent increase from September and a 0.9 percent decrease from October 2016. The average home price was $247,000 in October which was 0.2 percent less than the average price in September yet 5.5 percent higher then the average price in October 2016. the average home price has incread by $12,900 in the past year.