U.S. existing-home sales up 1.9 percent in October

The National Association of Realtors (NAR) announced on Thursday that the U.S. existing home sales rose 1.9 percent m-o-m to a seasonally adjusted rate of 5.46 million in October from a revised 5.36 million in September (originally 5.38 million).

Economists had forecast home resales increasing to a 5.47 million-unit pace last month.

In y-o-y terms, existing-home sales rose 4.6 percent in October.

According to the report, single-family home sales stood at a seasonally adjusted annual rate of 4.87 million in October, down from 4.77 million in September, but up 5.4 percent from a year ago. The median existing single-family home price was $273,600 in October 2019, up 6.2 percent from October 2018. Meanwhile, existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in October, about even with the previous month and 1.7 percent lower than a year ago. The median existing condo price was $248,500 in October, which is an increase of 5.6 percent from a year ago.

The NAR’s chief economist Lawrence Yun noted that this sales advance is encouraging and he expects added growth in the coming months. “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”