Despite the latest uptick, actual (not seasonally adjusted) sales activity remained 4.3% below levels seen in October 2024, while new listings moved in the opposite direction, falling 1.4% month-over-month. The sales-to-new listings ratio tightened to 52.2% from 51% in September, close to the long-term average of 54.9% and still within the range associated with balanced conditions.
Inventory levels offered little relief for buyers with about 189,000 properties available nationally at the end of October, a 7.2% year-over-year increase but effectively aligned with historical norms. Months of inventory held at 4.4 for the fourth consecutive month, hovering near the lowest level since January and edging closer to seller-friendly territory.
Prices showed only mild movement as the MLS Home Price Index edged 0.2% higher on the month but remained 3% lower than a year earlier, the smallest annual drop since March. The national average sale price landed at $690,195, down 1.1% year-over-year.
CREA Chair Valérie Paquin noted that underlying demand appears to be rebuilding.
“As we head into the quiet winter season, we continue to see clues that underlying demand for housing is picking up steam,” she says. “All eyes will be on next year’s spring market to see if all that pent-up demand will finally come off the sidelines in a big way.”
