Newsroom
November 24, 2015
October existing-home sales down 3.4%
Existing-home sales fell 3.4 percent nationwide in October as total inventory fell for the second straight month and continued to constrain sales, according to data released Monday and analyzed by NAFCU Research Assistant Yun Cohen.
The data, from the National Association of Realtors, shows October's existing-home sales fell to a seasonally adjusted annual rate of 5.36 million.
"Overall, home sales remain at a healthy pace, and the housing market is still on track to finish with its best year of sales since 2006 thanks to an improving labor market, low mortgage rates and high rental prices," Cohen noted in a NAFCU Macro Data Flash report.
Year-over-year existing-home sales have increased for 13 consecutive months, and were 3.9 percent higher than in October a year ago.
All four regions saw no gains in sales in October. The largest decline was in the West (-8.7 percent), followed by the South (-3.2 percent) and the Midwest (-0.8 percent). Sales were flat in the Northeast.
For the 10th consecutive month, all four regions reported increases in year-over-year sales: in the Northeast, sales were up 8.6 percent; in the Midwest, 8.3 percent; in the West, 2.7 percent; and in the South, 0.5 percent.
The median existing-home price decreased from a downwardly revised $221,700 in September to $219,600 (not seasonally adjusted) in October. This is 5.8 percent higher than the $207,500 median price a year ago.
The data, from the National Association of Realtors, shows October's existing-home sales fell to a seasonally adjusted annual rate of 5.36 million.
"Overall, home sales remain at a healthy pace, and the housing market is still on track to finish with its best year of sales since 2006 thanks to an improving labor market, low mortgage rates and high rental prices," Cohen noted in a NAFCU Macro Data Flash report.
Year-over-year existing-home sales have increased for 13 consecutive months, and were 3.9 percent higher than in October a year ago.
All four regions saw no gains in sales in October. The largest decline was in the West (-8.7 percent), followed by the South (-3.2 percent) and the Midwest (-0.8 percent). Sales were flat in the Northeast.
For the 10th consecutive month, all four regions reported increases in year-over-year sales: in the Northeast, sales were up 8.6 percent; in the Midwest, 8.3 percent; in the West, 2.7 percent; and in the South, 0.5 percent.
The median existing-home price decreased from a downwardly revised $221,700 in September to $219,600 (not seasonally adjusted) in October. This is 5.8 percent higher than the $207,500 median price a year ago.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Register Here Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Get daily updates.
Subscribe to NAFCU today.