PHILADEPHIA - The U.S. housing market continued to near-record levels in October, thwarting the usual fall slowdown. For the first time since 2011*, homes sold faster** in October than September and prices remained at their summer peak of $350,000, according to realtor.com's Monthly Housing Trends Report released today. However, October also saw an improvement in declines of newly listed homes which could signal some relief on the horizon for weary buyers.
"In the fall, we normally see homes sell more slowly and prices pull back from peak levels. But this October, we saw a drop in the time it takes to sell a home even while home prices remain at their summer peak" said Danielle Hale, chief economist for realtor.com®. "Drawn in by low mortgage rates and the hope of more space, buyers have stayed in the housing market this fall, keeping prices high and pushing time on the market to unseasonable lows. Although we saw growth in newly listed properties in the Northeast and West this month, we'll need a consistent wave of fresh homes hitting the market in order to better match persistent buyer demand."