Existing-Home Sales Up 2 Percent in October

Existing-home sales in October were at a seasonally adjusted annual rate of 5.48 million, a 2 percent increase compared with September’s rate of 5.37 million but 0.9 percent below October 2016’s rate of 5.53 million, according to the National Association of Realtors.

“Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home,” NAR Chief Economist Lawrence Yun said in a statement. “While the housing market gained a little more momentum last month, sales are still below year-ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”

The median existing-home price in October was $247,000, up 5.5 percent from the median sales price of $234,100 in October 2016.

Existing-home sales in the Northeast in October rose 4.2 percent year-over-year to a seasonally adjusted annual rate of 740,000. Sales in the Midwest ticked up 0.8 percent to 1.31 million. Sales in the South grew 1.9 percent to 2.16 million, and sales in the West rose 2.4 percent to 1.27 million.