More On The Surge In October Home Sales

by: Mark J. Perry

Following up on this CD post from last week on the surge in October home sales, here are ten more local real estate reports on booming home sales last month:

1. Southern California home sales rose sharply in October by 25.2% above a year ago, while median prices increased 16.7% compared to the same month last year, and the share of foreclosure sales fell to their lowest level since October 2007.

2. Memphis area home sales increased 36.1% in October compared to last year, average home prices rose 1% and total sales volume increased 38%.

3. Metro Detroit home sales increased 17% in October, while the median sales price increased by 28%.

4. Home sales in Northern Virginia rose 23% in October and the median sales price increased 7.6%.

5. Baltimore-area home sales jumped 22% in October, while the median sales price increased 5% and the average time on the market fell by 21%, all versus a year ago.

6. Milwaukee metro area home sales surged 32.8% in October from a year ago.

7. Minneapolis-St. Paul home sales and median sales prices both increased by 15% in October compared to the same month last year.

8. New homes sold in the Sacramento region last month were the most for any October since 2007.

9. Albuquerque area home sales rose 19% in October.

10. Tampa Bay home sales increased 35% in October and the median price rose 9%.

For all of those who think the U.S. economy's in a recession, or on the edge of a recession, you better tell the real estate market, because an economic slowdown sure isn't being reflected in the housing market data for October sales.