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RE/MAX: US home sales down 4.2% YOY in September

Year over year, U.S. home sales in September declined 4.2%, while the median sales price rose 2.3% for the month in 54 surveyed metro areas, according to RE/MAX's October national housing report.

The overall average number of home sales in September slipped 14.9% month over month, with 16 metro areas seeing year-over-year home sales increases.

Despite the impact of Hurricane Harvey in late August, Houston logged a 3.2% increase in home sales, while Miami posted a 35.2% year-over-year drop in home sales following Hurricane Irma in early September.

The median sales price in all 54 metros was down 5% month over month. Year over year, only five metro areas recorded either decreasing or flat median sales prices, and eight metro areas logged double-digit gains.

In September, the number of homes for sale decreased 3.6% from a month earlier and dipped 14.1% from September 2016. Months supply of inventory rose to 3.6 compared with 3.1 from August, but was down from 3.9 in September 2016. During the month, 51 of the 54 surveyed metro areas recorded months supply of less than 6.0, which is normally viewed as a seller's market, according to the report.