October Existing Home Sales Surge to 10.1%

Existing home sales jumped 10.1% in October to a 6.10 million annual rate and surged by a record amount from last October, the National Association of Realtors reported yesterday.

The months’ supply of existing homes was 7.0 months, the lowest level in two and a half years. The year-over-year increase in existing home sales was the largest on record, going back to 1999.

Economists polled by Thomson Reuters expected existing homes to sell at a 5.260 million annual rate in October, according to the median estimate.

The median home price was $173,100 in October, a 7.1% decline from a year ago, and the smallest decline in a year. The median sale price declined 1.6% from September. Prices in the Midwest increased 1.1%, the only region to see a price increase.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER