U.S. Existing-Home Sales Increased 1.9 Percent in October

According to the National Association of Realtors (NAR), existing-home sales increased 1.9 percent in October to a seasonally adjusted annual rate of 5.46 million. Compared to the same time last year, existing-home sales are up 4.6 percent. This is fourth consecutive month of year-over-year increases for existing-home sales. Data shows homes costing between $500,000 and $650,000 saw the strongest gains in October compared to last year. In contrast, homes costing less than $250,000 saw a decline in sales. That decline was most pronounced on the West Coast, where sales of homes costing between $100,000 and $250,000 dropped by 19.5 percent. The NAR says low inventory has pushed up the prices for homes in 2019. The average price for an existing home in October was $270,900. That is a 6.2 percent increase from last year. It is also the strongest price appreciation since June 2017. | Read More