According to the monthly report published by the National Association of Realtors, existing home sales in the U.S. in October rose 1.4% after falling in the previous six months.
“Total existing-home sales increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017),” the NAR said in its publication.
Key takeaways
- After six consecutive months of decline, buyers are finally stepping back into the housing market.
- The median existing-home price for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000).
- October’s price increase marks the 80th straight month of year-over-year gains.
- Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but that represents an increase from 1.80 million a year ago.
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