U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and
3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the
lowest level in more than a decade, according to the National Association of
REALTORS® (NAR). Prospective buyers have pulled back in recent months,
despite lower mortgage rates and more home choices compared to the same
time last year.
Closed Sales increased 7.6 percent for existing homes and 0.4 percent for
new homes. Pending Sales increased 17.9 percent for existing homes and
12.3 percent for new homes. Inventory increased 14.4 percent for existing
homes but decreased 15.5 percent for new homes.
The Median Sales Price was up 7.4 percent to $290,000 for existing homes
and 0.8 percent to $529,900 for new homes. Days on Market increased 19.2
percent for existing homes but decreased 17.4 percent for new homes.
Supply increased 15.8 percent for existing homes but increased 9.8 percent
for new homes.
There were 1.39 million homes for sale heading into October, a 1.5% increase
from the previous month and a 23% increase from the same period last year,
for a 4.3-month supply at the current sales pace, according to NAR. Even with
improving supply and the slower sales pace, home prices have continued to
rise nationwide, with NAR reporting a median existing-home price of $404,500
as of last measure, a 3% increase from one year ago.