U.S. sales of existing homes rose 1.2% from the previous month to a seasonally adjusted annual rate of 4.10 million, according to the National Association of
REALTORS® (NAR), as buyers took advantage of lower mortgage rates this fall. Sales increased in the Midwest and South, held steady in the Northeast, and
edged down in the West. Year-over-year, sales were up 1.7%, with gains in the Northeast, Midwest, and South, while the West posted a decline.
• Single Family Closed Sales were down 8.2 percent to 4,332.
• Townhouse-Condo Closed Sales were down 21.0 percent to 1,309.
• Adult Communities Closed Sales were down 3.5 percent to 547.
• Single Family Median Sales Price increased 4.4 percent to $590,000.
• Townhouse-Condo Median Sales Price increased 4.8 percent to $435,000.
• Adult Communities Median Sales Price increased 2.3 percent to $350,000.
Nationally, inventory dipped 0.7% month-over-month but rose 10.9% year-over year, totaling 1.52 million units, according to NAR. At the current sales pace,
supply stands at 4.4 months, slightly below last month’s level but higher than the 4.1 months recorded a year ago. Supported by modest inventory levels, prices
continue to rise, with the national median existing-home price increasing 2.1% year-over-year to $415,200, marking 28 consecutive months of annual gains.