The National Association of Realtors is reporting that existing home sales were up 0.8% in October to a seasonally-adjusted annual rate of 6.34 million (down 5.8% from one year ago). Total housing inventory at the end of October was 1.25 million units, down 12% from one year ago. Unsold inventory sits at a 2.4-month supply at the current sales pace with properties remaining on the market for around 18 days. The median existing-home price for all housing types was $353,900, up 13.1% from October, 2020. In addition, Distressed sales (foreclosures & short sales) represented less than 1% of sales in October, the same as one year ago.
“Home sales remain resilient, despite low inventory and increasing affordability challenges,” said Lawrence Yun, NAR’s chief economist. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”