Sales of existing homes ended a six-month slide and increased 1.4% to a 5.220-million unit pace in October, explained analysts at Wells Fargo. They noted inventories continued to improve relative to a year ago and that home price appreciation continued to moderate.
Key Quotes:
“After a sharp drop in September, existing home sales topped expectations and grew 1.4% during October. The monthly gain, however, follows six consecutive months of declines. Resales are down 5.1% over the past year as rising home prices and higher mortgage rates have recently slowed home buying activity.
“Inventories fell 1.6% during October, yet are 2.8% higher year-to-year. After 37 straight month of declines, inventories have grown in each of the past four months. Months’ supply also fell to 4.3 months, but is up from 3.9 months a year ago.”
“The median price of a single family home rose 4.3% year-over-year to $257,900. Relative to the robust gains seen in prior years, prices have eased recently alongside improving inventory levels.”
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