1 minute readThe recent uptick in foreclosures is not yet translating to more houses on the market. The total number of homes for sale is down 21% in October, year-on-year, according to the latest RE/MAX national housing report. The number dropped for 16 straight months. The real estate agent franchise added that the month supply of properties is slightly down, to an average of 7.7 months to clear market inventory. Six months on market denotes more balance between supply and demand. The months supply peaked a nearly 11 months in December 2010, by way of comparison. On an annual basis, national sales prices are down 5.4%, but transactions are up 9%. As the market moves deeper into Winter, RE/MAX expects a monthly decline in home sales. Write to Jacob Gaffney. Follow him on Twitter @jacobgaffney.
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
