Home sales stalled in October, increasing just 0.3 percent from last year, an abrupt slowdown from September’s double-digit growth. Twenty-seven of 67 metros tracked by Redfin had fewer transactions, including hot markets like Seattle, Denver, Austin, Miami and Dallas.
When compared to September, sales slowed everywhere last month but in San Francisco, Buffalo, Allentown and Miami.
Nationwide, the median sale price rose 6 percent in October, consistent with year-over-year gains posted in the past four months.
The sharp downturn in transactions was more than a typical seasonal slowdown, but it’s not yet apparent why it happened. A shortage of homes for sale, rain in parts of the country, and new federal rules on closings all might have played a part. In addition, sales were particularly robust in October 2014, which made last month slower by comparison.
| Market Summary |
October 2015 |
Month-Over-Month |
Year-Over-Year |
| Median sale price |
$264,600 |
-0.1% |
5.9% |
| Homes sold |
162,600 |
-7.3% |
0.2% |
| New listings |
219,800 |
-4.5% |
3.5% |
| All Homes for sale |
587,400 |
-1.6% |
-4.3% |
| Median days on market |
37 |
2 |
-7 |
| Off market in 2 weeks |
28.0% |
-1.5% |
5.1% |
| Months of supply |
3.6 |
0.2 |
-0.2 |
| Sold above list |
18.6% |
-0.9% |
2.0% |
| Average Sale-to-list |
91.7% |
-0.1% |
0.3% |
The supply of homes for sale remained tight, particularly in Miami and on the West Coast. Nationwide, inventory fell 4.3 percent from a year ago. The number of new listings grew at their slowest pace since since May, up 3.5 percent from a year ago.
Despite the sales slowdown, more buyers made concessions to persuade sellers to accept their purchase offers. In addition, nearly 16 percent of Redfin offers waived inspection contingencies in October, up from 8.8 percent a year ago, and 10.5 percent waived financing contingencies, up from 7.6 percent.
Other October Highlights
Prices
- Eleven metros continued their double digit, year-over-year growth in October. Honolulu (22.9%), North Port, FL (16.9%), and Fort Lauderdale (14.7%) saw the biggest increases. A handful of cities had flat or declining appreciation from a year ago, namely Cincinnati, Tulsa, Baltimore, Washington, D.C., Indianapolis, Buffalo, Memphis and Providence, RI.
- In San Francisco, where a typical home sells for $1.05 million, 23.3% of sellers dropped their price, up 14.4% from the month before. Price drops also surged in Albany, NY, increasing to 25.8% from 9.7% in September.
- The median asking price increased the most in Sacramento, up 16.1% from September, to $499,900, and up 20.5% from a year ago.
Sales
- Only four metros – San Francisco (12.4%), Buffalo (4.0%), Allentown (2.9%), and Miami (0.6%)–had an increase in sales compared to September.
- Richmond, VA, had the highest sales growth, up 23.0% from last year. San Antonio came in a close second, with 15.8% more homes sold than last year. San Antonio has posted the longest streak of double digit-growth, at 11 months.
Competition
- Denver was the fastest market in October, with half of all homes selling in 12 days or less, compared to 11 days in September.
- Outside of the Bay Area, where homes typically fetch more than asking price, Seattle, Portland, Denver and L.A. were the most competitive metros. In all four markets, sellers got 98% or more of their asking price.
Supply
- Supply remained extremely low in Oakland (1.3 months of supply), Seattle (1.5 months), and Denver (1.9 months).
- Sixteen cities added inventory last month, with Tucson (14.7%), Phoenix (12.6%), and Columbus, OH, (12.0%) posting the biggest gains.
- Houston had the biggest year-over-year increase in inventory for a second month, up 33.7% in October. Denver followed, with a 31.1% increase.
You can download data from the October Housing Market Tracker in an Excel Spreadsheet.
For additional local analysis, see: Chicago | Los Angeles | San Francisco | Washington, D.C.
Median Sale Price
| Redfin Metro |
Median Sale Price |
Month-Over-Month |
Year-Over-Year |
| Akron, OH |
$119,000 |
-9.8% |
3.3% |
| Albany, NY |
$198,000 |
-5.7% |
5.0% |
| Allentown, PA |
$175,000 |
2.9% |
2.9% |
| Atlanta, GA |
$190,000 |
-1.0% |
7.3% |
| Austin, TX |
$257,450 |
1.0% |
7.3% |
| Baltimore, MD |
$235,000 |
0.0% |
0.0% |
| Boston, MA |
$327,175 |
-0.3% |
3.9% |
| Buffalo, NY |
$129,900 |
-4.1% |
0.0% |
| Charleston, SC |
$228,000 |
-3.6% |
3.6% |
| Charlotte, NC |
$188,500 |
-3.3% |
4.4% |
| Chicago, IL |
$199,000 |
-2.9% |
8.2% |
| Cincinnati, OH |
$140,000 |
-5.4% |
-1.1% |
| Cleveland, OH |
$125,000 |
-6.7% |
1.6% |
| Columbus, OH |
$159,000 |
-3.8% |
2.7% |
| Dallas-Fort Worth, TX |
$213,995 |
1.9% |
12.6% |
| Dayton, OH |
$111,000 |
1.0% |
0.9% |
| Denver, CO |
$310,000 |
1.3% |
14.0% |
| Detroit-Warren, MI |
$142,250 |
-5.2% |
7.8% |
| Fort Lauderdale, FL |
$200,720 |
0.4% |
14.7% |
| Fresno, CA |
$215,000 |
-2.9% |
3.9% |
| Grand Rapids, MI |
$143,900 |
-4.0% |
8.2% |
| Greenville, SC |
$170,000 |
4.3% |
4.8% |
| Hampton Roads, VA |
$205,000 |
-2.4% |
3.0% |
| Honolulu, HI |
$510,000 |
-1.0% |
22.9% |
| Houston, TX |
$205,000 |
-1.4% |
6.2% |
| Hudson Valley, NY |
$400,000 |
-7.0% |
2.7% |
| Indianapolis, IN |
$141,950 |
-5.4% |
0.0% |
| Jacksonville, FL |
$173,000 |
-1.1% |
3.6% |
| Las Vegas, NV |
$200,000 |
-2.4% |
8.4% |
| Little Rock, AR |
$150,000 |
3.3% |
4.2% |
| Long Island, NY |
$380,000 |
-1.0% |
5.6% |
| Los Angeles, CA |
$485,000 |
0.0% |
5.4% |
| Louisville, KY |
$159,995 |
3.2% |
6.7% |
| Memphis, TN |
$137,500 |
-9.4% |
0.0% |
| Miami, FL |
$230,000 |
-3.8% |
4.5% |
| Minneapolis-St. Paul, MN |
$214,125 |
-2.2% |
4.5% |
| Nashville, TN |
$223,000 |
-3.0% |
6.7% |
| New Orleans, LA |
$183,750 |
-1.3% |
5.2% |
| North Port, FL |
$225,000 |
0.7% |
16.9% |
| Oakland, CA |
$565,000 |
-2.6% |
5.6% |
| Omaha, NE |
$160,000 |
0.6% |
4.9% |
| Orange County, CA |
$584,763 |
-2.5% |
2.6% |
| Orlando, FL |
$180,000 |
-2.9% |
10.8% |
| Philadelphia, PA |
$230,000 |
-1.1% |
4.5% |
| Phoenix, AZ |
$215,000 |
0.0% |
10.3% |
| Portland, OR |
$299,900 |
1.0% |
7.5% |
| Providence, RI |
$205,000 |
-4.2% |
0.1% |
| Raleigh-Durham, NC |
$225,307 |
0.1% |
6.3% |
| Richmond, VA |
$209,700 |
1.8% |
8.7% |
| Riverside-San Bernardino, CA |
$299,000 |
-0.3% |
6.8% |
| Rochester, NY |
$130,000 |
0.0% |
4.4% |
| Sacramento, CA |
$315,000 |
0.0% |
6.8% |
| San Antonio, TX |
$187,250 |
-2.5% |
10.2% |
| San Diego, CA |
$465,000 |
0.3% |
4.5% |
| San Francisco, CA |
$1,055,000 |
5.8% |
13.5% |
| San Jose, CA |
$839,500 |
3.5% |
12.7% |
| Seattle, WA |
$400,750 |
1.5% |
10.7% |
| Tacoma, WA |
$250,000 |
0.0% |
8.7% |
| Tampa, FL |
$165,000 |
0.0% |
6.5% |
| Tucson, AZ |
$176,000 |
1.1% |
3.5% |
| Tulsa, OK |
$147,000 |
-4.9% |
-0.7% |
| Ventura County, CA |
$528,500 |
2.0% |
6.8% |
| Washington, DC |
$350,000 |
0.0% |
0.0% |
| West Palm Beach, FL |
$218,000 |
-2.2% |
9.0% |
| Wilmington, DE |
$210,000 |
-1.6% |
5.0% |
| National |
$264,600 |
-0.1% |
5.9% |
Homes Sold
| Redfin Metro |
Homes Sold |
Month-Over-Month |
Year-Over-Year |
| Akron, OH |
799 |
-1.6% |
1.0% |
| Albany, NY |
664 |
-16.1% |
-6.9% |
| Allentown, PA |
671 |
2.9% |
2.6% |
| Atlanta, GA |
7,484 |
-8.1% |
2.5% |
| Austin, TX |
2,230 |
-15.1% |
-5.5% |
| Baltimore, MD |
2,994 |
-2.6% |
12.6% |
| Boston, MA |
6,259 |
-6.8% |
7.9% |
| Buffalo, NY |
1,011 |
4.0% |
1.0% |
| Charleston, SC |
1,138 |
-15.5% |
-0.4% |
| Charlotte, NC |
2,415 |
-13.8% |
-0.9% |
| Chicago, IL |
8,978 |
-6.7% |
-1.3% |
| Cincinnati, OH |
1,901 |
-9.2% |
4.2% |
| Cleveland, OH |
2,168 |
-7.0% |
6.7% |
| Columbus, OH |
2,006 |
-8.0% |
-1.5% |
| Dallas-Fort Worth, TX |
6,803 |
-13.0% |
-6.4% |
| Dayton, OH |
868 |
-13.0% |
-5.2% |
| Denver, CO |
4,474 |
-8.3% |
-2.0% |
| Detroit-Warren, MI |
1,741 |
-6.1% |
2.7% |
| Fort Lauderdale, FL |
2,809 |
-2.3% |
0.1% |
| Fresno, CA |
699 |
-3.7% |
3.2% |
| Grand Rapids, MI |
1,110 |
-2.0% |
8.5% |
| Greenville, SC |
669 |
-16.5% |
-11.0% |
| Hampton Roads, VA |
1,502 |
-12.9% |
-3.0% |
| Honolulu, HI |
753 |
-7.8% |
-15.2% |
| Houston, TX |
5,998 |
-12.7% |
-4.9% |
| Hudson Valley, NY |
1,150 |
-0.1% |
12.5% |
| Indianapolis, IN |
2,255 |
-6.0% |
-6.7% |
| Jacksonville, FL |
1,737 |
-13.0% |
-5.3% |
| Las Vegas, NV |
2,943 |
-7.5% |
0.8% |
| Little Rock, AR |
729 |
-9.7% |
7.2% |
| Long Island, NY |
2,323 |
-2.9% |
2.7% |
| Los Angeles, CA |
5,825 |
-4.0% |
0.1% |
| Louisville, KY |
1,244 |
-3.0% |
5.9% |
| Memphis, TN |
873 |
-12.8% |
-12.3% |
| Miami, FL |
2,691 |
0.6% |
-9.8% |
| Minneapolis-St. Paul, MN |
4,479 |
-9.8% |
2.0% |
| Nashville, TN |
2,707 |
-11.5% |
14.6% |
| New Orleans, LA |
1,021 |
-11.7% |
-3.3% |
| North Port, FL |
1,518 |
-3.7% |
-8.6% |
| Oakland, CA |
2,408 |
-4.3% |
-5.2% |
| Omaha, NE |
980 |
-1.8% |
7.8% |
| Orange County, CA |
2,337 |
-9.7% |
-0.9% |
| Orlando, FL |
3,237 |
-8.3% |
-4.6% |
| Philadelphia, PA |
3,720 |
-3.2% |
3.3% |
| Phoenix, AZ |
5,959 |
-9.5% |
1.5% |
| Portland, OR |
3,367 |
-7.1% |
4.1% |
| Providence, RI |
851 |
-0.6% |
9.7% |
| Raleigh-Durham, NC |
2,303 |
-0.9% |
0.2% |
| Richmond, VA |
1,294 |
-1.7% |
23.0% |
| Riverside-San Bernardino, CA |
4,219 |
-5.3% |
0.4% |
| Rochester, NY |
1,033 |
-2.6% |
1.4% |
| Sacramento, CA |
2,614 |
-7.4% |
3.1% |
| San Antonio, TX |
2,072 |
-10.0% |
15.8% |
| San Diego, CA |
2,727 |
-7.8% |
-3.9% |
| San Francisco, CA |
1,205 |
12.4% |
-18.7% |
| San Jose, CA |
1,274 |
-4.6% |
-9.1% |
| Seattle, WA |
3,813 |
-7.7% |
-0.8% |
| Tacoma, WA |
1,078 |
-9.8% |
5.5% |
| Tampa, FL |
4,497 |
-3.8% |
2.7% |
| Tucson, AZ |
1,050 |
-7.0% |
4.2% |
| Tulsa, OK |
1,040 |
-2.6% |
3.8% |
| Ventura County, CA |
749 |
-6.7% |
5.8% |
| Washington, DC |
5,877 |
-8.1% |
2.9% |
| West Palm Beach, FL |
2,569 |
-5.0% |
-7.0% |
| Wilmington, DE |
688 |
-2.7% |
12.8% |
| National |
162,600 |
-7.3% |
0.2% |
New Listings
| Redfin Metro |
New Listings |
Month-Over-Month |
Year-Over-Year |
| Akron, OH |
1,055 |
1.2% |
0.6% |
| Albany, NY |
1,034 |
-9.5% |
-2.5% |
| Allentown, PA |
1,142 |
-9.4% |
3.4% |
| Atlanta, GA |
8,337 |
-2.2% |
0.9% |
| Austin, TX |
2,831 |
-1.3% |
0.5% |
| Baltimore, MD |
4,661 |
-3.6% |
4.5% |
| Boston, MA |
8,094 |
-17.7% |
6.6% |
| Buffalo, NY |
1,189 |
-4.3% |
3.8% |
| Charleston, SC |
1,309 |
-23.6% |
-8.7% |
| Chicago, IL |
14,021 |
-8.5% |
0.8% |
| Cincinnati, OH |
2,469 |
-10.1% |
-4.9% |
| Cleveland, OH |
2,924 |
-7.3% |
8.3% |
| Columbus, OH |
2,397 |
-9.4% |
4.8% |
| Dallas-Fort Worth, TX |
8,676 |
-4.9% |
7.9% |
| Dayton, OH |
1,332 |
-0.4% |
5.5% |
| Denver, CO |
5,143 |
-8.4% |
16.0% |
| Detroit-Warren, MI |
8,492 |
-3.4% |
18.0% |
| Fort Lauderdale, FL |
1,643 |
15.7% |
17.3% |
| Fresno, CA |
969 |
2.4% |
1.0% |
| Grand Rapids, MI |
1,214 |
-4.2% |
0.0% |
| Greenville, SC |
845 |
-6.5% |
-11.6% |
| Hampton Roads, VA |
2,519 |
-2.0% |
-5.6% |
| Honolulu, HI |
916 |
-9.9% |
0.9% |
| Houston, TX |
9,362 |
-3.8% |
17.8% |
| Hudson Valley, NY |
1,473 |
-19.5% |
2.4% |
| Indianapolis, IN |
3,257 |
-4.6% |
3.1% |
| Jacksonville, FL |
2,426 |
-2.0% |
-1.7% |
| Las Vegas, NV |
4,283 |
-4.8% |
-1.7% |
| Little Rock, AR |
1,165 |
-5.5% |
0.3% |
| Long Island, NY |
3,191 |
-8.1% |
-6.0% |
| Los Angeles, CA |
8,274 |
-1.5% |
0.8% |
| Louisville, KY |
1,594 |
-11.5% |
-1.1% |
| Memphis, TN |
1,386 |
0.9% |
5.5% |
| Miami, FL |
2,432 |
12.2% |
5.5% |
| Minneapolis-St. Paul, MN |
5,588 |
-8.6% |
-2.6% |
| Nashville, TN |
3,826 |
-5.5% |
14.5% |
| New Orleans, LA |
1,591 |
-3.9% |
-1.4% |
| North Port, FL |
2,123 |
8.9% |
2.3% |
| Oakland, CA |
2,656 |
-13.5% |
-1.3% |
| Omaha, NE |
1,388 |
-3.9% |
-1.4% |
| Orange County, CA |
3,313 |
-1.1% |
16.4% |
| Orlando, FL |
4,318 |
0.5% |
-9.6% |
| Philadelphia, PA |
5,417 |
-8.8% |
-4.5% |
| Phoenix, AZ |
9,627 |
8.4% |
3.1% |
| Portland, OR |
3,678 |
-9.4% |
6.2% |
| Providence, RI |
1,275 |
-10.0% |
-1.6% |
| Raleigh-Durham, NC |
2,766 |
-3.8% |
4.1% |
| Richmond, VA |
1,757 |
-9.3% |
-1.8% |
| Riverside-San Bernardino, CA |
7,671 |
11.0% |
13.0% |
| Rochester, NY |
1,401 |
-19.0% |
-4.8% |
| San Antonio, TX |
2,874 |
-2.2% |
13.1% |
| San Diego, CA |
3,861 |
-2.4% |
-5.8% |
| San Francisco, CA |
1,611 |
-13.3% |
12.3% |
| San Jose, CA |
1,395 |
-16.5% |
-1.9% |
| Seattle, WA |
4,062 |
-9.8% |
-1.8% |
| Tacoma, WA |
1,265 |
-4.2% |
9.4% |
| Tampa, FL |
5,779 |
6.4% |
-3.5% |
| Tucson, AZ |
1,811 |
7.0% |
-0.9% |
| Tulsa, OK |
1,628 |
-4.4% |
0.5% |
| Ventura County, CA |
880 |
-3.5% |
3.8% |
| Washington, DC |
9,093 |
-9.5% |
4.9% |
| West Palm Beach, FL |
4,095 |
14.9% |
3.8% |
| Wilmington, DE |
1,044 |
-4.4% |
2.5% |
| National |
219,800 |
-4.5% |
3.5% |
All Homes for Sale
| Redfin Metro |
All Homes for Sale |
Month-Over-Month |
Year-Over-Year |
| Akron, OH |
3,591 |
-1.0% |
-5.8% |
| Albany, NY |
4,894 |
-7.0% |
-5.3% |
| Allentown, PA |
5,326 |
-4.1% |
9.3% |
| Atlanta, GA |
23,804 |
-5.1% |
-5.2% |
| Austin, TX |
6,212 |
-5.1% |
-1.7% |
| Baltimore, MD |
14,047 |
-4.1% |
-5.0% |
| Boston, MA |
21,865 |
-7.7% |
-9.7% |
| Buffalo, NY |
5,998 |
-8.5% |
-9.2% |
| Charleston, SC |
6,101 |
-4.6% |
-11.9% |
| Chicago, IL |
46,287 |
3.4% |
7.7% |
| Cincinnati, OH |
9,823 |
-4.9% |
-11.7% |
| Cleveland, OH |
11,151 |
-0.7% |
-4.1% |
| Columbus, OH |
7,335 |
12.0% |
3.2% |
| Dallas-Fort Worth, TX |
16,877 |
-1.5% |
-1.0% |
| Dayton, OH |
4,740 |
-0.8% |
-7.6% |
| Denver, CO |
8,723 |
8.2% |
31.1% |
| Detroit-Warren, MI |
18,145 |
-6.2% |
0.2% |
| Fresno, CA |
2,228 |
-5.1% |
-6.1% |
| Grand Rapids, MI |
3,102 |
-6.6% |
-44.6% |
| Greenville, SC |
3,252 |
6.7% |
-5.8% |
| Hampton Roads, VA |
9,184 |
-2.1% |
-4.5% |
| Honolulu, HI |
3,307 |
-8.9% |
-4.6% |
| Houston, TX |
22,825 |
-2.5% |
33.7% |
| Hudson Valley, NY |
9,120 |
4.9% |
20.7% |
| Indianapolis, IN |
10,519 |
-4.8% |
-19.8% |
| Jacksonville, FL |
7,519 |
-8.6% |
-28.9% |
| Las Vegas, NV |
14,778 |
-0.3% |
-3.6% |
| Little Rock, AR |
4,573 |
2.1% |
-1.6% |
| Long Island, NY |
15,117 |
-6.3% |
-6.5% |
| Los Angeles, CA |
15,619 |
-1.6% |
-9.7% |
| Louisville, KY |
4,351 |
-4.5% |
-34.8% |
| Miami, FL |
6,391 |
2.4% |
-5.5% |
| Minneapolis-St. Paul, MN |
14,505 |
-7.3% |
-14.9% |
| Nashville, TN |
9,164 |
-2.7% |
-9.9% |
| North Port, FL |
5,906 |
5.4% |
-8.3% |
| Oakland, CA |
3,232 |
-13.4% |
-14.9% |
| Omaha, NE |
2,806 |
-1.7% |
-19.8% |
| Orange County, CA |
7,607 |
3.2% |
12.2% |
| Orlando, FL |
12,482 |
-3.7% |
-16.6% |
| Philadelphia, PA |
20,993 |
-4.5% |
-9.4% |
| Phoenix, AZ |
21,423 |
12.6% |
-8.0% |
| Portland, OR |
6,384 |
-11.8% |
-29.2% |
| Providence, RI |
4,320 |
-1.5% |
-2.5% |
| Raleigh-Durham, NC |
9,007 |
9.5% |
-0.1% |
| Richmond, VA |
5,006 |
-3.9% |
-8.4% |
| Riverside-San Bernardino, CA |
17,586 |
6.8% |
10.6% |
| San Antonio, TX |
7,593 |
0.3% |
8.4% |
| San Diego, CA |
6,950 |
-7.4% |
-20.1% |
| San Francisco, CA |
2,432 |
-3.1% |
2.8% |
| San Jose, CA |
2,503 |
-12.0% |
-18.0% |
| Seattle, WA |
5,857 |
-12.4% |
-32.2% |
| Tacoma, WA |
2,848 |
-9.3% |
-26.0% |
| Tampa, FL |
15,653 |
-0.1% |
-15.2% |
| Tucson, AZ |
5,452 |
14.7% |
3.4% |
| Tulsa, OK |
6,308 |
-3.0% |
22.1% |
| Ventura County, CA |
1,761 |
-7.7% |
-14.4% |
| Washington, DC |
22,455 |
-4.9% |
0.6% |
| West Palm Beach, FL |
11,924 |
11.0% |
-3.6% |
| Wilmington, DE |
3,902 |
-4.9% |
-7.4% |
| National |
587,400 |
-1.6% |
-4.3% |
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