Existing Homes Sales Rebound in October

The housing market finished strong in October, with experts forecasting continued growth in sales due to low mortgage rates and job expansion. Existing home sales jumped from September and outpaced October of 2018 by 4.6 percent. Still, inventory decreased, and the median sales price increased from last year in the 92nd month of year-over-year increases.

Despite the slowdown last month, existing home sales, released by the National Association of Realtors (NAR), climbed more than expected in October.

Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 1.9% to a seasonally adjusted annual rate of 5.46 million in October. On a year-over-year basis, sales were 4.6% higher than a year ago.

The first-time buyer share fell to 31% in October from 33% last month but remained unchanged from a year ago. The October inventory decreased to 1.77 million units from 1.82 million units in September and 1.85 million units a year ago. At the current sales rate, the October unsold inventory represents a 3.9-month supply, down from a 4.1-month supply last month and down from a 4.3-month a year ago.

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