On the heels of a summer home-buying season marked by record demand and sky-high prices, the residential real estate market is shaping up for its hottest fall in a decade, according to new monthly data on inventory and demand on realtor.com®. Homes for sale in September are moving 4 percent more quickly than last year as prices continue to hit new highs.
The median age of listings on realtor.com®—an indication of market inventory—in September is expected to be 77 days, three days less than one year ago. That is five days more than last month, a change which reflects the housing market’s typical seasonal slowdown as summer ends and schools resume. Total inventory remains considerably lower than a year ago, with less than 450,000 new listings entering the market in September.
The median home was listed for $250,000, 9 percent more than a year ago and unchanged from last month. That continues this year’s record-setting trend and marks a new high for September.
- Median age of inventory in September is expected to be 77 days, down 4 percent from September 2015 and up 7 percent from last month.
- Median listing price for September should reach $250,000, matching last month’s record high and increasing 9 percent over this time last year.
- Listing inventory in September should show a 2 percent decrease over August. Additionally, inventory should still show a decrease of 9 percent year-over-year.