Report: Home sales, inventory locked in standstill

In October, a decrease in annual home sales contributed to the first year-over-year inventory increase in a decade, according to the latest RE/MAX National Housing Report. RE/MAX reports that sales declined 4.6% from the same time a year ago, marking the eighth month of 2018 to record sales lower than 2017. Notably, the median sales price recorded one of its lowest increases of 2018, falling 1.3% from September to $236,000. Despite this, the median sale price increased 4.9% from October 2017. The report states this is the 31st consecutive month of year-over-year price increases and the highest October reading in the report’s 10-year history.