{"id":73429,"date":"2021-11-22T11:00:22","date_gmt":"2021-11-22T19:00:22","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=73429"},"modified":"2021-11-22T11:09:15","modified_gmt":"2021-11-22T19:09:15","slug":"housing-market-cooled-in-october","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-cooled-in-october\/","title":{"rendered":"Housing Market Cooled in October, But Relief For Homebuyers Was Short-Lived"},"content":{"rendered":"

Pending sales rose 3% from September as early indicators of demand are strengthening.<\/h2>\n

The median price of homes sold in October was $378,700, up 13% from a year earlier, the lowest growth rate since December 2020. October marked the 15th consecutive month of double-digit price gains. Seasonally-adjusted closed home sales and new listings of homes for sale both fell from a year earlier, by 8% and 11% respectively. Overall the housing market experienced fairly typical seasonal cooling in October. However, relief for homebuyers may be short-lived as pending sales rose 3% from September and early signals of demand are picking back up again in the first weeks of November<\/a>.<\/p>\n

\u201cAlthough October brought fairly typical seasonal cooling to the housing market, the latest homebuying demand data<\/a> suggests that the market is heating back up this month,\u201d said Redfin Chief Economist Daryl Fairweather<\/a>. \u201cHomebuyers who were waiting until fall or winter to try to find a home in a less competitive market may be disappointed. Even record-high home prices have not convinced many homeowners to sell. We may not see the historic inventory crunch abate until the second half of next year.<\/a>\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nOctober 2021<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$378,700<\/td>\n0.9%<\/td>\n13.2%<\/td>\n<\/tr>\n
Homes sold, seasonally-adjusted<\/td>\n608,400<\/td>\n-0.4%<\/td>\n-8.1%<\/td>\n<\/tr>\n
Pending sales, seasonally-adjusted<\/td>\n618,300<\/td>\n2.6%<\/td>\n2.5%<\/td>\n<\/tr>\n
New listings, seasonally-adjusted<\/td>\n635,800<\/td>\n-0.9%<\/td>\n-10.6%<\/td>\n<\/tr>\n
All Homes for sale, seasonally-adjusted<\/td>\n1,379,200<\/td>\n-2.6%<\/td>\n-18.8%<\/td>\n<\/tr>\n
Median days on market<\/td>\n21<\/td>\n3<\/td>\n-8<\/td>\n<\/tr>\n
Months of supply<\/td>\n1.3<\/td>\n-0.1<\/td>\n-0.3<\/td>\n<\/tr>\n
Sold above list<\/td>\n45.8%<\/td>\n-2.1 pts\u2020<\/sup>\n\t\t<\/td>\n11.0 pts\u2020<\/sup>\n\t\t<\/td>\n<\/tr>\n
Median Off-Market Redfin Estimate<\/td>\n$380,700<\/td>\n-0.7%<\/td>\n17.9%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n100.8%<\/td>\n-0.3 pts\u2020<\/sup>\n\t\t<\/td>\n1.2 pts\u2020<\/sup>\n\t\t<\/td>\n<\/tr>\n
Average 30-year fixed mortgage rate<\/a><\/td>\n3.07%<\/td>\n+0.17 pts\u2020<\/sup><\/td>\n+0.24 pts\u2020<\/sup><\/td>\n<\/tr>\n<\/table>\n
\u2020 – ‘pts’ = percentage point change<\/div>\n

Median sale prices increased from a year earlier in all but one of the 85 largest metro areas Redfin tracks: Bridgeport, CT<\/a> (Fairfield County), where prices were down 4.2%. A year ago home price gains in Bridgeport<\/a> had peaked at 40% while the area rode a wave of in-migration of homebuyers leaving New York<\/a> City. Price declines over the past few months are likely a continued cooling from an extremely overheated state.<\/p>\n

The largest price increases in October 2021 were in Phoenix, AZ<\/a> (+25%), Austin, TX<\/a> (+25%) and McAllen, TX<\/a> (+24%).<\/p>\n

\"Home<\/p>\n

Seasonally-adjusted home sales in October were down 8% from a year earlier, the largest decline in 16 months. Home sales fell in 76 of the 85 largest metro areas Redfin tracks. The biggest sales declines were seen in Bridgeport, CT<\/a> (-26%), New Brunswick, NJ<\/a> (-22%) and Salt Lake City<\/a> (-21%). The largest gains were in places where sales were still somewhat depressed in October 2020, including Honolulu<\/a> (+18%), New York<\/a> (+11%), and San Jose, CA<\/a> (+7%).<\/p>\n

\"Seasonally<\/p>\n

Seasonally adjusted active listings\u2014the count of all homes that were for sale at any time during the month\u2014fell 19% year over year in October, on par with recent months.<\/p>\n

Only one of the 85 largest metros tracked by Redfin posted a year-over-year increase in the number of seasonally adjusted active listings of homes for sale: Tacoma, WA<\/a> (+2%). The biggest year-over-year declines in active housing supply in September were in Baton Rouge, LA<\/a> (-50%), Salt Lake City<\/a> (-50%) and North Port, FL<\/a> (-41%).<\/p>\n

\"Seasonally<\/p>\n

Seasonally adjusted new listings of homes for sale were down 11% in October from a year earlier, the largest decline in eight months. New listings fell from a year ago in 78 of the 85 largest metro areas. The biggest declines were in Salt Lake City, UT<\/a> (-59%), Allentown, PA<\/a> (-58%) and Baton Rouge<\/a> (-52%). New listings rose the most from a year ago in Oklahoma City<\/a> (+6%), Buffalo, NY<\/a> (+3%) and Austin, TX<\/a> (+2%).<\/p>\n

\"Seasonally<\/p>\n

The housing market became less competitive in October than it was in August or September, however the latest data<\/a> shows some of these measures beginning to heat back up.<\/p>\n

The typical home that sold in October went under contract in 21 days\u2014more than a week faster than a year earlier, when homes sold in a median 29 days, but up three days from the record low of 15 days in June.<\/p>\n

\"Time<\/p>\n

In October, 46% of homes sold above list price, down 11 percentage points from the record high in June, but up 11 percentage points from a year earlier.<\/p>\n

\"46%<\/p>\n

The average sale-to-list price ratio also dipped slightly in October to 100.8%, down from a record high of 102.6% in June but up from 99.5% a year earlier.<\/p>\n

\"Average<\/p>\n

Other October Highlights<\/h3>\n

Competition<\/h4>\n