Existing-Home Sales Slow

With mortgage rates remaining below four percent for the third straight month, existing-home sales in October were at a healthy pace but didn’t keep up with September’s jump, according to the National Association of Realtors (NAR). There were no sales gains in any of the four major regions. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September. Despite last month’s decline, sales are still 3.9 percent above a year ago (5.16 million). The median existing-home price for all housing types in October was $219,600, which is 5.8 percent above October 2014 ($207,500). October’s price increase marks the 44th consecutive month of year-over-year gains.

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