Existing-home sales rose in October, according to the National Association of Realtors. The four major U.S. regions were split last month, with the Midwest and the South seeing growth, and the Northeast and the West both reporting a drop in sales.
Total existing-home sales are completed transactions that include single-family homes, townhomes, condominiums and co-ops. They increased by 1.9% in October to a seasonally-adjusted annual rate of 5.46 million units, overall sales are now up by 4.6% from a year ago (5.22 million in October 2018).
The median existing-home price for all housing types in October was $270,900, which is up 6.2% from October 2018 ($255,100), prices rose in all regions. October’s price increase marks 92 straight months of year-over-year gains.
Total housing inventory at the end of October sat at 1.77 million units, which is down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018.
Properties typically remained on the market for 36 days in October, up from 32 days in September and consistent with October 2018 numbers. Forty-six percent of homes sold in October 2019 were on the market for less than a month.
Source: National Association of Realtors