Years of Shrinking Inventory gave way in November to a second consecutive month of year-over-year growth in the number of homes for sale, according the the RE/MAX National Housing Report. The apparent reason: Home sales declined for the fourth consecutive month when compared to the same months in 2017. Even so, home prices remained strong.
Across 53 metro areas surveyed, inventory rose 3.0% – the highest monthly year-over-year gain in the 10-year history of the report, following October’s 1.0% increase that ended a streak of 119 months of year-over-year declines dating back to November 2008. The Months Supply of Inventory rose to 3.9, the highest for any month since 4.2 in December 2016.
November home sales, meanwhile, declined 6.9%, which was the second-largest year-over-year decline of 2018 and the biggest year-over-year sales decline in November in five years. This year only April and July sales exceeded 2017 totals for the corresponding months.
Pulled from the RE/MAX Newsroom. To read more, click here.