SPRINGFIELD (November 10, 2015) Capital Area REALTORS® (CAR) report existing residential home sales increased during October compared to a year ago as did time on market and new listings. Median sale price and pending sales all decreased.
For October 2015, 345 homes sold, reflecting an increase of 1.7 percent over the 339 homes sold in October 2014. Year-to-date home sales through October of 2015, totaled 3,270, reflecting a 2.6 percent increase over the 3,184 sales during the same time in 2014.
“Fueled by the tailwind of a very strong summer selling season we find ourselves coming off a great fall and the best October since 2005,” said CAR President Kristie DeBrun, GREEN, GRI, SFR, SRS.
According to CAR, median home sale price (for all single-family homes and condominiums) for October 2015 was $118,000, reflecting a decrease of 2.4 percent from the October 2014 price of $119,700. Year-to-date median sale price through October 2015 was $118,000, reflecting a 0.4 percent decrease from the $118,500 price during the same period in 2014. The median is a typical market price where half the homes sold for more, half sold for less.
"In comparison to last year home sale prices are lagging just a bit, however, by historical standards they are still faring well,” said DeBrun.
There were 321 sales pending in October 2015, down 6.9 percent from the 345 sales pending during the same time last year.
The 27 foreclosure sales in October 2015, represented 7.8 percent of all sales as compared to the prior October total which represented 8.6 percent of all sales.
Average cumulative days on market for all home sales was 78 in October 2015, down from 86 days during the prior month and 69 days in October of 2014.
Total housing inventory at the end of October 2015 increased to 1,679 listings, up from the 1,649 listings in the prior month and up from the 1,630 listings at the end of October 2014. The 1,679 listings available at the end of October 2015 represent a 5.5 month supply at the current sales pace, down from the 5.2 months during the prior month of September.
“We are on pace to possibly exceed 3,800 home sales for the year which would be our busiest year since 2007,” said DeBrun.
The Federal Home Loan Mortgage Corp. reported the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 3.8 percent in October 2015, down from the 4.0 average rate during October of 2014.
The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 850 members involved in all aspects of the real estate industry. The Capital Area's Resource for Real Estate Information can be found at www.SeeHouses.com
for statistical reports.