Realtor.com has released its home price and sales data for September. Home prices remained flat at $425,000 in the same month a year ago. However, among homes for sale, owners have started to drop prices. About 20% of those for sale dropped in price. The inventory of homes for sale rose 17%, which should be an advantage for buyers.
“September’s trends show a housing market increasingly tilting in buyers’ favor, with a rising inventory of homes for sale, longer days on market, and more competitive pricing,” said Danielle Hale, chief economist at Realtor.com.
There was a large range of home prices across the top 50 markets. Home prices in several markets dropped year over year. None dropped more than Miami, down 4.8% to $499,900 as the median price of homes for sale. The percent drop was matched in LA, where prices dropped by the same percentage to $1,099,000…