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October Existing-Home Sales Cool but Low Inventory Drives Prices Higher

  • Today NAR released a summary of existing home sales data showing that overall existing home sales fell by 3.2 percent from September to October 2013 but are 6 percent higher than October 2012.
  • The national median existing-home price for all housing types was $199,500 in October, up 12.8 percent from October 2012, which is the 11th consecutive month of double-digit year-over-year increases.
  • Low inventories, a lower distressed sales share from a year ago, and gains in sales at the high end of the market combined with falling sales at the low end of the market were all factors pushing prices higher.
  • Next Tuesday, both Case Shiller and FHFA house price data will be released for September. Based on NAR data for the comparable period, expect Case Shiller to show a 12 to 13 percent price gain while FHFA should show a 7 to 8 percent gain.
  • See the full NAR Existing Home Sales press release here and data tables here.
  • Find a full graphical summary of the data here.

Danielle Hale, Director of Housing Statistics

As a Research Economist at NAR, Danielle studies tax issues, the wealth impact of home ownership, and different measures of home prices.

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