Home Sales Drop Points To Market Rebalance
There has been a significant drop in home sales in the past couple of months and a new report claims that it could point to a market rebalance. September kicked off the trend with an incredibly large decline in year-over-year home sales.
"There was an 11.6% drop in home sales compared with September 2017, the largest decline since May 2011," according to National Mortgage News.
"However, the median sales price of $241,000 was the highest recorded for any September since the Remax National Housing Report started 10 years ago. This represented an annual increase of 5.6%, more than double the 2.3% price growth seen in the same month between 2016 and 2017."
The report also revealed that there is a possible split between buyers and sellers, which doesn't exactly point to a finite halt in sales. The numbers show more cautious buyers and less folks willing to sell their home, except in markets with heightened turnover.
To learn more about why the market could be moving towards a complete rebalance, click on the image above.