The
National Association of Realtors (NAR) reported on Monday that the U.S.
existing home sales went up 0.8 percent m-o-m to a seasonally adjusted rate of
6.34 million in October from an unrevised 6.29 million in September. This was the highest reading
since January.
Economists
had forecast home resales decreasing to a 6.20 million-unit pace last month.
In y-o-y terms, existing-home sales plunged 5.8 percent in October.
According
to the report, two of the four major
regions recorded m-o-m gains in existing-home sales in October but all of them registered declines in y-o-y terms.
Over
the reviewed period, the median existing-home price for all housing types surged
13.1 percent y-o-y to $353,900. This marked 116 straight months of y-o-y gains,
the longest-running streak on record.
Single-family
home sales came in at a seasonally-adjusted annual rate of 5.66 million in October,
being up 7.7 percent m-o-m, but down 5.8 percent y-o-y. The median existing
single-family home price registered a 13.5 percent y-o-y jump to $360,800 in
October.
Meanwhile,
existing condominium and co-op sales stood at a seasonally-adjusted annual rate
of 680,000 units in October, recording a 2.9 percent m-o-m drop and a 5.6
percent y-o-y fall. The median existing condo price saw an 8.7 percent y-o-y climb
to $296,700 in October.