Home Sales Fall 11.6% from Last Year

U.S. home sales dropped 11.6% in September from the previous year, according to the RE/MAX National Housing Report. At the same time the median sales price rose 5.6% to $241,000, the 30th straight monthly increase in year-over-year prices. Available inventory fell 4.7% to a 3.7-month supply in September, but rose slightly from last year’s 3.6-month supply. Experts believe that inventory declines are slowing and that the market is gradually correcting itself to a more balanced equilibrium.