Things are looking up for buyers right now. Days on the market are up while the median price for detached, single-family homes decreased from $630,000 in September to $622,490 in October.
However, just 2,720 new detached listings came on the market, a significant decrease compared to 3,772 in September. And continued low inventory could lead to more competition as well as an uptick in prices once the new year arrives.
Still, sellers are sitting on two years of huge equity gains. Detached homes prices are up 6.5% over the same time period last year which surpasses historical national averages.