October saw a continuation of the trend throughout the year, with both home prices and home sales rising above the levels seen one year ago. In the October RE/MAX National Housing report, a survey of MLS data in 52 metropolitan areas, closed transactions increased 17.8 percent over October 2011. The Median Home Price rose 2.1 percent higher than the median seen last October, representing the ninth month in a row that prices have been higher than the same month last year. The falling Inventory is a significant concern in many markets. The number of homes for sale in October was 28.9 percent lower than last October. This has caused prices to rise, but also presents a serious challenge for many homebuyers. Multiple offers and some bidding wars have occurred in markets where inventory is sharply lower.
Source: RE/MAX