Total existing-home sales increased 3.4 percent to a seasonally adjusted annual rate of 5.48 million in the third quarter from 5.30 million in the second quarter, and were 8.3 percent higher than the 5.06 million pace reported in the third quarter of 2014, according to the National Association of Realtors.
Regionally, existing-home sales in the Northeast increased 6.4 percent and were 9.1 percent above the third quarter of 2014. Sales in the Midwest grew 2.1 percent and were 9 percent higher than 2014; sales in the South rose 3 percent and were 6.9 percent above 2014, and sales in the West climbed 3.9 percent and were 9.7 percent above 2014.
Sales had the potential to be higher if there were more inventory available, said NAR Chief Economist Lawrence Yun in a statement.
“Unfortunately, the lack of any meaningful gains in housing supply pushed prices in some areas above what some potential buyers—especially first-time buyers—are able to afford,” he said.
The median existing single-family home price increased in 87 percent of measured markets, with 154 out of 178 metro areas showing gains based on closings in the third quarter of 2015 compared with the third quarter of 2014. Twenty-four areas reported lower median year-over-year prices in the third quarter.
The national median existing single-family home price in the third quarter was $229,000, an increase of 5.5 percent from the third quarter of 2014 ($217,100).
