Time to take the temperature of the housing market.
After a slump in September, October numbers were on the uptick.
In October, existing-home sales grew by 1.9%.
That takes the seasonally adjusted annual rate to 5.46 million units.
The price of median existing-homes was $270,900 – which was up 6.2% from the same time last year.
This marks the 92nd straight month of gains.
Sales volume was up 4.6% versus a year ago.
There’s still not enough inventory to meet demand. There is less than a 4 month supply of inventory.
Average days on market went from 32 in September to 36 in October.
“It is great to see home sales rise along with an increase in housing permits. “Both home buyers and the home sellers are being rewarded by these developments, and we see that conditions remain extremely favorable for real estate investment in America.”
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