November 19, 2012
Existing U.S. Home Sales Tick Up In October, Median Price Ticks Down
The pace of seasonally adjusted existing-home sales in the U.S. rose 2.1 percent from a downwardly revised pace of 4.69 million in September to a 4.79 million pace in October, 10.9 percent above the 4.32 million unit pace recorded in October 2011.
Total housing inventory at the end of October fell 1.4 percent to 2.14 million existing homes actively on the market, a 5.6 month supply, down from a 5.9 month supply in September and versus a 7.6 month supply in October 2011. On a national level, around six months of inventory has historically been considered to be a "balanced" market.
The median sale price for existing-homes fell 2.9 percent in October from $183,900 to $178,600, up 11.1 percent year-over-year as distressed sales accounted for 24 percent of sales volume, unchanged from September, down four points versus October 2011.
Existing-home sales in the west rose 4.4 percent from September to October, up 3.5 percent on a year-over-year basis with a median sales price that's up 21.2 percent year-over-year.
First Published: November 19, 2012 7:30 AM