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.
• Single Family Closed Sales were up 1.3 percent to 4,830.
• Townhouse-Condo Closed Sales were up 9.8 percent to 1,796.
• Adult Communities Closed Sales were down 6.7 percent to 610.
• Single Family Median Sales Price increased 8.7 percent to $560,000.
• Townhouse-Condo Median Sales Price increased 10.3 percent to $429,990.
• Adult Communities Median Sales Price increased 4.3 percent to $365,000.
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.