Home market cooling?

Experts: price increases may be statistical anomaly

The median price of an existing home in Lee County shot up to $322,000 in October — up 65 percent from the same time last year. But some in the industry said it may have been a statistical anomaly and pointed to signs that the real estate market is beginning to slow after a long run.

Nationwide, the National Association of Realtors reported Monday that sales of previously owned homes fell a larger-than-expected 2.7 percent in October to the lowest level since March, evidence that rising mortgage rates and skyrocketing prices are putting buying out of reach for some. The inventory of unsold homes rose to the highest level since April 1986.

Home market may be cooling [News-Press]