Existing home sales increased 1.9% in October to 5.46 million and are up 4.6% year-over-year, according to the National Association of Realtors (NAR).
NAR Chief Economist Lawrence Yun expects sales to continue to increase in the upcoming months.
“Historically low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” Yun said in a statement.
Regionally, October existing home sales grew 1.6% in the Midwest and 4.4% in the South. Sales fell 1.4% and 0.9% in the Northeast and West, respectively, in October.
The median existing home price for all housing types jumped 6.2% year-over-year in October to $270,900. Housing inventory dropped 4.3% year-over-year to 1.77 million.
The full NAR report can be found here.
