According to the National Association of Realtors, existing-home sales were up for the 2nd month in a row in October coming in at the annualized rate of 5.6 million. The median existing-home price for all housing types in October was $232,200, up 6.0% from October 2015 – which marks the 56th consecutive month of year-over-year gains. Inventory at the end of October stood at 2.02 million homes, which is 4.3% lower than one year ago. There is currently a 4.3 month supply of unsold inventory. Happy Friday!!! (and we hope everyone had a great Thanksgiving!)
Lawrence Yun, NAR chief economist, says the wave of sales activity the last two months represents a convincing autumn revival for the housing market. “October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” he said.