DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/910243
» VISIT US ONLINE @ DSNEWS.COM 89 home prices, sales, and inventory. Additionally, Redfin reported market updates based on the 74 metro areas it tracks. Nationally, the number of homes for sale decreased 12.2 percent, representing the sharpest year-over-year decline in inventory since 2013, the report noted. Meanwhile, home prices rose 7.1 percent compared to October 2016. "Despite strong buyer demand, sales are sput- tering due to low inventory," said Redfin Chief Economist Nela Richardson. "e last time we saw a substantial increase in the number of homes for sale, Donald Trump was a candidate in a Republican field of 11." ere was about a three-month supply of homes in October nationally. e last time the market saw more than six months of supply in any month was January 2012. e typical home spent 44 days on the market, five days fewer than October 2016. Last month, average sale-to-list price ratio was 98.2 percent, up from 97.9 percent a year earlier, and 22.5 percent of homes sold above their list price, compared with 21.5 percent in October 2016. As for metro areas, the most competitive market in October was San Francisco—with 78.6 percent of homes sold above listing price., while data found that Seattle was the fastest market, with the typical home spending only 10 days on the market, which is down from 13 days last year. Nine metro areas reported double-digit increases in the median sale price with San Jose, California, leading the way. is marked the high- est home price growth, rising 19.2 percent since last year to $1,049,000. Seattle had the second-highest growth at 16.5 percent. Additionally, six metros saw price declines in October, with prices falling the most in Columbia, South Carolina, by 5.4 percent to $139,000. Out of the 74 metros, seven experienced double-digit increases in sales growth, with Camden, New Jersey, ranking the nation's highest year-over-year sales growth at 31 percent. While Baton Rouge, Louisiana, experienced a decrease by 20.3 percent— the largest decline in sales since last year. San Jose also had the largest decrease in overall inventory, falling 51.6 percent since October of last year. e eight metro areas that saw significant gains were markets in the South and Midwest, the report noted. ose areas included Raleigh, North Carolina, which had the largest increase in the number of homes for sale, rising 16.1 percent year-over-year; followed by Baton Rouge, Louisiana, up 12.9 per- cent; Austin, Texas up, 8.8 percent, New Orleans, up 7.5 percent; St. Louis, up 4.8 percent; Dallas, up 4.1 percent; Nashville, Tennessee, up 2.7 percent; and Allentown, Pennsylvania, up 2.5 percent. DS News is the only publication in the country solely dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS SUBSCRIBE NOW! Call 214.525.6700 or connect with us online at DSNews.com.