Existing Home Sales Rise First Time in Seven Months
Mortgage News Daily reports Existing Home Sales Break Free From Losing Streak, Posting October Gains.
Existing home sales broke their extended losing streak in October, increasing 1.4 percent from September to a seasonally adjusted annual rate of 5.22 million completed sales. It was the first positive report on sales of existing single-family homes, condos, townhouses, and co-op apartments since last March. The National Association of Realtors® (NAR) said the gain was not enough however to return existing home sales activity to 2017 levels. They lag the 5.5 million transactions last October by 5.1 percent.
After overshooting the mark with their last six forecasts, analysts polled by Econoday were more restrained and consequently quite accurate in their expectations for October. Their predictions were in the range of 5.10 to 5.35 million units with a consensus of 5.20 million.
- In the Northeast existing home sales gained 1.5 percent to an annual rate of 690,000, 6.8 percent below a year ago. The median price in the Northeast was $280,900, which is 3.0 percent higher than last October.
- In the Midwest, existing-home sales declined 0.8 percent from last month and 3.1 percent on an annual basis to 1.27 million in October. The median price in the Midwest was $197,000, a 2.4 percent annual gain.
- Existing-home sales in the South rose 1.9 percent to an annual of 2.15 million units, a 2.3 percent annual decline. The region's median price increased 3.8 percent to $221,600.
- Sales in the West grew 2.8 percent to an annual rate of 1.11 million but were down 11.2 percent from the previous October. Prices increased a median of 1.9 percent to $382,900.
Mike "Mish" Shedlock