Housing sales continue to tumble as October marks the ninth month in a row we’ve seen falling numbers. It saw a 5.9% drop in sales from the previous month, with annual figures down 28.4%.
It’s the longest downward trend since 1999 and it’s causing analysts to question what it might mean for the housing market.
Because just like a lot of the economic data that we’re seeing right now, it’s not all bad. Despite the number of house sales showing a very clear downward trend, average values have so far been holding up reasonably well.
The median home price in the US hit $379,100 in October, representing an increase of 6.6% over the 12 months before. It’s not all gravy though, with that figure having come down from its June high of $413,800.
So what are we seeing here? With home sales numbers continuing to go down and the median price coming off its top, is this the beginning of a housing market downturn? Or is real estate simply taking a breather before it charges back up again?
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