October 2018 US Real Estate Market Update

Note: October 2018 data below are the most recent released by the National Association of Realtors.

Existing Home Sales

Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors®. Three of four major U.S. regions saw gains in sales activity last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017).

NAR's chief economist, Lawrence Yun says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.”

The median existing-home price for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000). October’s price increase marks the 80th straight month of year-over-year gains.

Inventory

Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but that represents an increase from 1.80 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago. Properties typically stayed on the market for 33 days in October, up from 32 days in September but down from 34 days a year ago. Forty-six percent of homes sold in October were on the market for less than a month.

Mortage Rates

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.83 percent in October from 4.63 percent in September. The average commitment rate for all of 2017 was 3.99 percent. First-time buyers were responsible for 31 percent of sales in October, down from last month and a year ago (32 percent).

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Contact us today to learn how an iHomefinder IDX account will help position you as THE local expert and close more business.
Responsiveness and Revenue

Grow Your Revenue With Smarter Followup

Timing is everything in real estate. Consumers expect prompt, personalized responses to their inquiries or else they'll move on to a different agent and you've lost business. Yet studies show real estate agents are falling short and consequently losing revenue opportunities.

According to a report by the California Association of Realtors, 94% of consumers expect an answer in 1 hour yet only 36% of agents respond within 1 hour.

Just think - by responding within 1 hour, you can outperform 64% of your peers.

Another responsiveness study conducted by WAV Group across 384 different brokers across 11 states revealed average response time was 15.29 hours.

Victor Lund of WAV Group concluded:

“These numbers reveal a staggering failure of real estate professionals to serve the consumer. But this failure actually represents an important opportunity. If brokers and agents take steps to rectify this problem and respond more effectively to consumers, they are opening the door to a great increase in revenue.”

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September 2018 US Real Estate Market Update

Note: September 2018 data below are the most recent released by the National Association of Realtors.

Existing Home Sales

Existing-home sales declined in September after a month of stagnation in August, according to the National Association of Realtors®. All four major regions saw no gain in sales activity.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) did not change from July and remained at a seasonally adjusted rate of 5.34 million in August. Sales are now down 1.5 percent from a year ago (5.42 million in August 2017).

NAR's chief economist, Lawrence Yun says rising interest rates have led to a decline in sales across all regions of the country. “This is the lowest existing home sales level since November 2015,” he said. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

The median existing-home price for all housing types in September was $258,100, up 4.2 percent from September 2017 ($247,600). September’s price increase marks the 79th straight month of year-over-year gains.

Inventory

Total housing inventory at the end of September decreased from 1.91 million in August to 1.88 million existing homes available for sale, and is up from 1.86 million a year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago. Properties typically stayed on the market for 32 days in September, up from 29 days in August but down from 34 days a year ago. Forty-seven percent of homes sold in September were on the market for less than a month.

Mortage Rates

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.63 percent in September from 4.55 percent in August. The average commitment rate for all of 2017 was 3.99 percent. First-time buyers were responsible for 32 percent of sales in September, up from last month (31 percent) and a year ago (29 percent).

Social Apps

Boost Your Real Estate Marketing on Social Media

You may already know MarketBoost automates website and email reports for any saved search ("Market") you create. This content includes active and sold listings, open homes, and market stats & insights. Why not take this content to your social channels where you can attract more followers and leads? And why not AUTOMATE this content in your social channels so you can focus on your business?

Social Automation

Social media management systems are easy to use and let you quickly author posts and publish them in one step to your social channels. You can even author posts when it's convenient for you and schedule when the posts will publish. Sounds fancy and expensive, right? You can actually get started with some systems for under $30/month.

If you want to learn more, here's an overview and comparison of popular social media management systems.

Social Automation + MarketBoost

MarketBoost content positions you as the market expert with a mix of content buyers and sellers won't get anywhere else. Here are some ideas for automating this content to push to your social channels:

  • Schedule daily posts that link to the latest active listings, price changes, and sold listings. See example >
  • Schedule weekly posts before the weekend that link to Open Homes reports. See example >
  • Schedule monthly posts that link to Market Reports. See example >
  • Schedule posts at your chosen frequency that link to your Featured Listings. See example >

Manual Posts Work Too

Even if you decide against getting a social media management system right away, you can author and push your posts manually. It just takes more time and you won't have scheduling options.

Need Help?

Our MarketBoost Setup Guide provides all the tutorials you need to create Markets so you can start driving traffic to them.

Want to learn more about MarketBoost? Contact us using the form on the right-hand side of this page or call 1-866-700-8855 x2.