Up 1.4% from the prior month
The US existing home sales for the month of October came in a touch better than expectations at 5.22M vs 5.2M expected. The prior month came in at 5.15M. The gain was 1.4% vs. 1.0% expected.
- This was the 1st increase in 6 months
- sales are down -5.1% versus a year earlier. This is the largest drop since 2014. mortgage rates at 8 year highs is contributing to the slowdown.
- median price $255,400 +3.8% versus year ago
- average selling price $294,200 down from $296,000 last month. That is up 2.3% year on year.
- monthly supply comes in at 4.3 months down from 4.4 months last month
- All cash rose to 23% from 21% last month. A year ago was 20% of sales
- investors rose to 15% from 13% last month. A year ago was 13% of sales
- first-time buyers 31% versus 32% last month. That number has remained steady versus a year ago
- Days on the market 33 days versus 34 days 1 year ago
- The monthly increase was more pronounced in condominium in co-op units of 5.3% to 600,000. Sales of single-family homes rose 0.9%
Existing home sales account for about 90% of the market. They are calculated when the contract closes.
New home sales are tabulated when contracts get signed
