Home Prices Rose 7.1 Percent as Home Sales Stalled in October
(BUSINESS WIRE) Home price growth was strong in October, up 7.6 percent compared to a year ago, according to Redfin (www.redfin.com), the next-generation real estate brokerage. The median sale price was $288,000 across the markets Redfin serves. Sales were essentially unchanged from October of last year, down 0.1 percent. Home sales have declined year over year for the past four months.
“Despite strong buyer demand, sales are sputtering due to low inventory,” said Redfin chief economist Nela Richardson. “The last time we saw a substantial increase in the number of homes for sale, Donald Trump was a candidate in a Republican field of 11.”
