The National Association of Realtors is reporting that existing home sales were up 3.4% in October to a seasonally-adjusted annual rate of 3.96 million – up 2.9% year over year. Total housing inventory at the end of October was 1.37 million units, up 0.7% from September and up 19.1% from one year ago. Unsold inventory sits at a 4.2-month supply at the current sales rate with properties remaining on the market for around 29 days. The median existing-home price for all housing types in October was $407,200.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions…Additional job gains and continued economic growth appear assured, resulting in growing housing demand…” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
