Last Update: 21-Nov-19 10:39 ET
Existing Home Sales
- Existing home sales increased 1.9% month-over-month in October to a seasonally-adjusted annual rate of 5.46 million (Briefing.com consensus 5.50 mln) from a downwardly revised 5.36 million (from 5.38 million) in September.
- Total sales were 4.6% higher than the same period a year ago.
- The median existing home price for all housing types increased 6.2% year-over-year to $270,900, representing the 92nd consecutive month of year-over-year gains. The median existing single-family home price was $273,600, up 6.2% year-over-year.
- Existing home sales across regions: Northeast (-1.4%); Midwest (+1.6%); South (+4.4%); and West (-0.9%).
- Median home prices by region: Northeast (+5.7% to $296,700); Midwest (+6.7% yr/yr to $209,900); South (+6.0% to $234,900); and West (+7.8% to $410,700).
- Single-family home sales increased 2.1% month-over-month to 4.87 million, and were up 5.4% year-over-year.
- The inventory of homes for sale at the end of October fell approximately 2.7% to 1.77 million unit. The inventory was down 4.3% from a year ago.
- Unsold inventory stood at a 3.9-month supply at the current sales pace, down from 4.1 months in September. This is below the 6.0-months' supply typically associated with a more balanced market.
- 46% of homes sold in October were on the market for less than a month.
- First-time buyers accounted for 31% of sales in October, down from 33% in September and the same as one year ago.
- All-cash sales made up 14% of transactions in October, unchanged from September and down from 15% one year ago.
- The key takeaway from the report is that upward pressure on prices is likely to persist as the inventory of unsold homes continues to decline while mortgage rates, and unemployment rates, remain low.
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