The National Association of Realtors is reporting that existing-home sales increased in October for the first time in six months. According to data, there were 5.22 million completed transactions in October with a median price (for all housing types) of $255,400. In addition there were 1.85 million existing homes for sale at the end of October with properties typically staying on the market for 33 days. Unsold inventory is at a 4.3-month supply at the current sales pace.
Lawrence Yun, NAR’s chief economist, says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018…As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully…”