Existing Home Sales Up 1.9% in October

The National Association of Realtors is reporting that existing home sales were up 1.9% to a seasonally-adjusted annual rate of 5.46 million in October, which they characterize as a slight recovery from the declines seen last month. The median existing-home price for all housing types was $270,900, up 6.2% from October, 2018.  In addition, October’s price increase marks 92 straight months of year-over-year gains.  Total inventory at the end of October was 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago.  Total unsold inventory was at a 3.9-month supply at the current sales pace.  Properties remained on the market for around 36 days in October.  Once again, inventory is key…

“We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”  Said Lawrence Yun, the NAR’s chief economist.

Click here to read the full release at the National Association of Realtors.