Markets & Economy

Realtor.com: Buyer demand continues into October, pushing up prices on scarce inventory

Listing data defying seasonal patterns

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An analysis of listings data released today by realtor.com suggests that homes continued to turn over quickly in October, in defiance of seasonal patterns and in spite of price increases driven by inventory shortages in many markets. The 1.9 million homes listed on realtor.com during October had been on the market for 94 days on average -- up slightly from 93 days in September, but down 11.3 percent from a year ago, indicating demand for housing remains strong. Realtor.com rival Zillow reported a similar trend last week. With inventory down 1.5 percent from a year ago, the median list price of homes listed on realtor.com was up 7.6 percent, to $199,000. Although the country is still experiencing "significant supply shortages," inventories are "stabilizing" compared to the dramatic year-over-year declines seen earlier this year, realtor.com said in releasing October data. Realtor.com said the number of markets where inventories were down by 5 percent or more from a year ago ...