Redfin chief economist Nela Richardson is mystified by the readings her network of real estate agents rolled up when it came to October transaction levels. Prices rose in most markets, consistent with month-to-month trailing trends.
It's the sales transactions that are where the big questions lie. Richardson writes:
The sharp downturn in transactions was more than a typical seasonal slowdown, but it’s not yet apparent why it happened. A shortage of homes for sale, snow and rain in parts of the country, and new federal rules on closings all might have played a part. In addition, sales were particularly robust in October 2014, which made last month slower by comparison.
- Only four metros–San Francisco (12.4%), Buffalo (4.0%), Allentown (2.9%), and Miami (0.6%)–had an increase in sales compared to September.
- Richmond, VA, had the highest sales growth, up 23.0% from last year. San Antonio came in a close second, with 15.8% more homes sold than last year. San Antonio has posted the longest streak of double digit-growth, at 11 months.