Existing Home Sales Rise for First Time Since March

Existing home sales in October increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million, registering the first overall sales increase in six months, according to the National Association of Realtors.

Increases in existing home sales were recorded in the South (1.9 percent), West (2.8 percent) and Northeast (1.5 percent). Sales in the Midwest declined 0.8 percent.

October’s sales were 5.1 percent below October 2017.

“As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully,” NAR Chief Economist Lawrence Yun said in a statement. “This allows for much more manageable, less frenzied buying conditions.”

The median existing home price for all housing types increased year-over-year for the 80^th consecutive month, climbing to $255,400, a 3.8 percent increase compared with October 2017.