Existing-Home Sales Up

Existing-Home Sales Up

November 21, 2018
Mortgage applications dropped for the third straight week, according to new data from the Mortgage Bankers Association (MBA) tracking the week ending Feb. 1
After six consecutive months of declines, existing-home sales recorded an upswing in October, according to the National Association of Realtors (NAR).
Total existing-home sales were up 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. However, sales are 5.1 percent lower than the 5.5 million rate in October 2017.  The median existing-home price for all housing types in October was $255,400, up 3.8 percent from the $246,000 level set one year ago, and October's price increase marks the 80th straight month of year-over-year gains. Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but it was also higher than the 1.80 million level recorded one year ago.
“After six consecutive months of decline, buyers are finally stepping back into the housing market,” said NAR Chief Economist Lawrence Yun. “Gains in the Northeast, South and West – a reversal from last month's steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.”