Existing-Home Sales Up In October

Posted by Orb Staff on November 19, 2012 No Comments
Categories : Residential Mortgage

12771_0a1 Existing-Home Sales Up In October Sales of existing homes increased in October, even with some regional impact from Hurricane Sandy, according to new data from the National Association of Realtors.

Total existing-home sales rose 2.1% to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September, and are 10.9% above the 4.32 million-unit level in October 2011.

Despite the destruction brought by Hurricane Sandy, existing-home sales in the Northeast only fell 1.7% to an annual pace of 580,000 in October. Regional sales are 13.7% above October 2011. The median price in the Northeast was $232,600, which is 4.6% above a year ago.

The national median existing-home price for all housing types was $178,600 in October, which is 11.1% above a year ago. This marks eight consecutive monthly year-over-year increases, which last occurred from October 2005 to May 2006. Distressed homes accounted for 24% of October sales – 12% were foreclosures and 12% were short sales. This is unchanged from September and down from 28% in October 2011.Â

Total housing inventory at the end of October fell 1.4% to 2.14 million existing homes available for sale, which represents a 5.4-month supply at the current sales pace, down from 5.6 months in September. This is the lowest housing supply since February 2006, when it was 5.2 months.Â

First-time buyers accounted for 31% of purchases in October, compared with 32% in September and 34% in October 2011. All-cash sales were at 29% of transactions in October, up slightly from 28% in September and unchanged from a year ago.

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