The US National Association of Realtors said Thursday that sales of existing homes in the US rose +1.9% in October 2019 to a seasonally adjusted annual rate of 5.46 million units.
That’s +4.6% higher than a year ago.
US existing home sales October 2019 up +1.9% to 5.46 million units, Median existing home prices up +6.2% to US$270,900
As well, the NAR’s measure of median US existing home prices rose +6.2% in October from a year earlier, to US$270,900. That’s nearly three times the overall rate of inflation and double the pace of wage gains.
There were 1.77 million existing homes in the market for October 2019, a decline of -4.3% compared to a year ago.
At October’s sales pace, it would take 3.9 months to clear the current inventory, down from 4.3 months a year ago. A supply of six to seven months is seen as a healthy balance between supply and demand.
The October all-cash sales shared 19% of transactions, up from 17% last month but down from 23% a year ago.
The first-time buyer share fell to 31% in October from 33% last month but remained unchanged from a year ago.
US existing homes for sale are particularly scarce at lower price points, with sales in the past year falling 11% among houses priced below US$100,000, which consists mostly of condos. Sales also slipped in the US$100,000 to US$250,000 price range. They rose in the US$250,000 to US$1 million range, and fell among homes priced above US$1 million.