October Real Estate Stats

CREB® Chief Economist Ann-Marie Lurie noted, "Demand has remained relatively strong moving into the fourth quarter, with sales up from last month. However, activity could have been even stronger with more affordable options available. Although supply has improved over last year’s ultra-low levels, most of the gains are seen in higher-priced properties. As a result, market conditions are more balanced at the upper end, while seller's market conditions remain for lower to mid-priced properties." 

Over the past six months, an increase in new listings has supported inventory growth, with 4,966 units available in October—a significant rise from last year’s near-record low of 3,205 units. Inventory is approaching typical levels, though nearly half of the available homes are now priced above $600,000.

Improving supply levels are helping ease some of the pressure seen earlier in the year, although conditions are still relatively tight, with 2.3 months of supply and a sales-to-new listings ratio of 67%. Supply conditions vary by property type and price point: detached homes below $700,000 report under two months of supply, while homes above $1,000,000 have over three months, leading to varied price pressures across market segments.

The benchmark price for all residential properties in October was $592,500, marking a 4% increase over last year. Year-to-date, prices are averaging over 8% higher than last year’s levels. The benchmark price saw a slight dip from September due to seasonal trends, while seasonally adjusted prices remained stable month-over-month.