Existing-Home Sales Increase in October
Existing-home sales are on the rise in much of the U.S., according to the latest data from the National Association of Realtors (NAR). Completed transactions of single-family homes, townhomes, condos and co-ops inched upward 1.9% in October, states NAR. Sales are also up 4.6% from October 2018. Economists predicted sales would rise 1.4% in October, according to Reuters.
"Historically low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers," said NAR Chief Economist Lawrence Yun. "We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory."
Existing-home sales wasn't the only item to increase. The median price for an existing home jumped more than 6% year-over-year (YoY), which is the 92nd straight month with year-over-year gains. Homes were on the market for 36 days, four days longer than in September, but 46% of homes sold last month were on the market for less than a month.
Regionally, YoY data was strong with the Midwest, South and West all seeing increases from October 2018. The Northeast had no change, and fell 1.4% month-to-month. The Midwest and South improved from September; the West dropped slightly.
-Michael Miller, managing editor