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- U.S. existing-home sales up 1.9 percent in October
U.S. existing-home sales up 1.9 percent in October
The National
Association of Realtors (NAR) announced on Thursday that the U.S. existing home
sales rose 1.9 percent m-o-m to a seasonally adjusted rate of 5.46 million in October
from a revised 5.36 million in September (originally 5.38 million).
Economists had
forecast home resales increasing to a 5.47 million-unit pace last month.
In y-o-y terms,
existing-home sales rose 4.6 percent in October.
According to
the report, single-family home sales stood at a seasonally adjusted annual rate
of 4.87 million in October, down from 4.77 million in September, but up 5.4
percent from a year ago. The median existing single-family home price was
$273,600 in October 2019, up 6.2 percent from October 2018. Meanwhile, existing
condominium and co-op sales were recorded at a seasonally adjusted annual rate
of 590,000 units in October, about even with the previous month and 1.7 percent
lower than a year ago. The median existing condo price was $248,500 in October,
which is an increase of 5.6 percent from a year ago.
The NAR’s chief
economist Lawrence Yun noted that this sales advance is encouraging and he
expects added growth in the coming months. “Historically-low interest rates,
continuing job expansion, higher weekly earnings and low mortgage rates are
undoubtedly contributing to these higher numbers,” said Yun. “We will likely
continue to see sales climb as long as potential buyers are presented with an
adequate supply of inventory.”
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