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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.
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