NAR released a summary of existing-home sales data showing that housing market activity this September inclined 2.0 percent from last month but fell modestly 0.9 percent from last year. October’s existing home sales reached 5.48 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $247,000 in October, up 5.5 percent from a year ago. This marks the 68th consecutive month of year over year gains.
Regionally, all four regions showed growth in prices from a year ago, with the West leading all regions with an incline of 7.8 percent. The Midwest had a gain of 7.1 percent followed by the Northeast with a gain of 6.6 percent. The South had the smallest gain of 4.6 percent from October 2016.
From September, all four regions experienced gains in sales with the Northeast leading with a gain of 4.2 percent. The West inclined 2.4 percent followed by the South with an increase of 1.9 percent. The Midwest had a modest gain of 0.8 percent.
Two of the four regions showed a decline in sales from a year ago while the Northeast was flat. The West had the only incline of 0.8 percent. The Midwest had a decline of 1.5 percent. The South had the biggest drop in sales of 1.8 percent. The South led all regions in percentage of national sales, accounting for 39.4 percent of total, while the Northeast had the smallest share at 13.5 percent.
October’s inventory figures are down 3.2 percent from last month to 1.80 million homes for sale. Supply continues to be an issue as inventories are down 10.4 percent from a year ago, marking 29 months of year over year declines. It will take 3.9 months to move the current level of inventory at the current sales pace. Transactions are moving faster and it takes approximately 34 days for a home to go from listing to a contract in the current housing market, down from 41 days a year ago.
In October, single-family sales increased 2.1 percent and condominiums sales inclined 1.7 percent compared to last month. Single-family home sales rose 1.0 percent and condominium sales were unchanged compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 5.4 percent at $248,300 and condominiums up 6.9 percent at $236,800 from October 2016.