According to a recent National Housing Report on 52 Metro Areas, October becomes the 21st month to experience year over year increase in both sales and prices. Inventories of homes for sale were 12.2% lower than the levels in October last year. For the last 29 months in a row, inventories have declined at a slower rate.
At the current rate of sales, the number of months required to sell the entire inventory of homes on the market was 4.9.
A 6 month supply is recognized as a balanced market with an equal number of buyers and sellers.
Read more at RISMedia.com.
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