EHS, Housing Market Up Again in October

Existing Home Sales in the US were up in October after a sluggish September.

ehs-october-2019The US housing market took another step forward in October. Sales and median price were up, but inventory was down. Inventory continues to be a hurdle for the overall health and balance of the housing sector, dipping below 4 months of inventory. A healthy market typically averages 6 months of housing inventory, balancing the buyer/seller exchange.

Existing home sales numbers for October 2019:

  • EHS +4.6% YoY, vs October 2018
  • EHS +1.9% MoM, vs September 2019
  • SAAR: 5.46M units
  • Median Price: $270,900 (+6.2% YoY)
  • 92nd consecutive month of YoY price increases
  • Unsold Inventory: 3.9 months (down from 4.3 YoY)
  • Homes sold <1 month: 46%
  • First-time buyers: 31% (flat)

NAR’s chief economist, Lawrence Yun:

“Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

Read the full article:
Existing-Home Sales Climb 1.9% in October | www.nar.realtor

 

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