Wednesday, the National Association of Realtors (NAR) reported Existing Home Sales increased 1.4% month-over-month in October to a seasonally adjusted annual rate of 5.22 million. The October reading represented the first month-over-month increase in seven months. Year-over-year, total sales were 5.1% lower.
The median existing home price for all housing types increased 3.8% year-over-year to $255,400 – the 80th consecutive month of year-over-year gains. The median existing single-family home price rose 4.3% year-over-year to $257,900.
Regionally, median home prices were +3.0% to $280,900 in the Northeast; +2.4% to $197,000 in the Midwest; +3.8% to $221,600 in the South; and +1.9% to $382,900 in the West.
Single-family home sales were up 0.9% month-over-month at a seasonally adjusted annual rate of 4.62 million but were 5.3% below the year-ago sales rate. Unsold inventory is at a 4.3-months’ supply versus 4.4 months in September. This is below the 6.0-months’ supply typically associated with a more balanced market. First-time buyers made up 31% of sales in October, down from 32% in September and 32% one year ago.