Skip to navigation Skip to main content

October Housing Market: A Slight Uptick In Sales

FEATURED | November 28, 2017

October Housing Market: A Slight Uptick In Sales

The current housing market serves as a classic illustration of the law of supply and demand. At this time, demand outstrips supply and prices increase as a result.  The good news is that there were more sales in October compared to the previous month, but that’s tempered by the fact that there were fewer sales than a year earlier.  Median prices continued to rise, extending the streak of year-over-year price increases.  Homes continued to sell quickly, with median days on the market unchanged compared to September.  Need I say it again?  The sellers’ market continues.


October existing home sales rose by 2.0 percent compared to September, but were 0.9 percent lower than October 2016, according to the National Association of Realtors (NAR) October Existing Home Sales Report, released November 21st.  It was the strongest sales month since June.


Hurricanes Harvey and Irma are still a factor in parts of Texas and Florida, but the recovery is underway. Those markets were strong before the storms hit and sales are expected to return to pre-storm levels by year-end.


Inventory fell from September to October by 3.2 percent, and is 10.4 percent lower year-over-year.  This is the 29th month in a row that inventory has fallen.  The supply of unsold inventory was 3.9 months, down from the 4.4 months in October 2016.


Home prices continued their year-over-year increase. The median price of existing homes sold in October was $247,000, up 5.5 percent from October 2016 ($234,100), and marking 68 consecutive months of year-over-year gains.


Days on the market (DOM) were that same as September at 34, but this is still a faster sales pace than October 2016, when homes typically stayed on the market for 41 days.  Just under half of the homes sold in October were on the market for less than a month.


NAR chief economist Lawrence Yun commented, “Listings — especially those in the affordable price range — continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying.” He went on to say, “With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter.”


If you’re a seller – congratulations. This is a good time to sell.  If you’re a buyer – don’t give up.  Give yourself the edge by:


  • Getting prequalified or preapproved by a First Choice Loan Services Inc. loan originator. You’ll know what you can afford and your offer will be stronger.
  • Working with a real estate professional who knows the market that interests you. You’ll benefit from their knowledge and may find out about listings before they hit the internet.
  • Making a reasonable offer. Rely on the advice provided by your real estate professional; this may not be the time to low-ball the asking price or add too many contingencies.
  • Staying positive. Your new home is out there!


Most seamless experience of home buying ever. -Jannine S.
Important Notice:
You are leaving the First Choice Loan Services Website.

The hyperlinks to these Internet sites are provided solely as a convenience to the users of the First Choice Loan Services Internet site. The Company has made a limited effort to determine that these links function properly. However, linked sites are not under the control of the Company, and the Company is not responsible for the contents of any linked site, or any link contained in a linked site. You are responsible for confirming the identity and authenticity of any site you visit and transact business with online. The inclusion of a link does not imply or constitute an endorsement by the Company, its ownership or management, the products or services it offers, or any advertisers or sponsors appearing on these web sites.

You can click the Cancel button to return to the previous page or you can use the Back button on your browser after you leave.

Protect yourself from possible e-mail fraud threats. First Choice Loan Services will never request your confidential information through email. Contact us at 855-532-2047 to verify any email request or to report suspicious emails.