Mortgage News Daily reports Existing Home Sales Resume Gains, Realtors Say More to Come.

Existing-home sales got back on track in October, partially recovering from a 2.2 percent slip in September that ended a two-month winning streak. The National Association of Realtors® (NAR) said previously owned single-family houses, townhouses, condos, and cooperative apartments sold at a seasonally adjusted annual rate of 5.46 million during the month, a 1.9 percent increase from September. This put sales 3.6 percent higher than the 5.22 million rate of sales in October 2018.

Lawrence Yun, NAR's chief economist, said this sales increase is encouraging and he expects added growth in the coming months. "Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers," said Yun. "We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory."

The median existing-home price for all housing types in October was $270,900, up 6.2% from last October's median of $255,100. Prices rose in all regions. It was the 92nd straight month of annual price gains. The median existing single-family home price was up 6.2 percent to $273,600 and condo prices grew 5.6 percent to a median of $248,500.

Inventories softened again, declining 2.7 percent from September's 4.1-month supply to 1.77 million units or a 3.9-month supply at the current rate of sales. In October 2018 there was a 4.3-month supply at 1.85 million units.

Expect Crowing in January

A quick glance at a chart from the October Existing Home Sales report by the National Association of Realtors shows sales are up year-over-year due to easy comparisons.

There are three more months of easy comparisons coming up.

January will provide the best opportunity for crowing even if sales falter.

Meanwhile, prices keep ticking up.

Existing Home Sales Median Price Year Over Year 2019-11


Image placeholder title

Existing Home Sales Median Price Year Over Year

Image placeholder title

Any alleged "affordability" on homes due to falling interest rates is chewed up with price increases.

This is why sales flatlined for years.

Housing Bubble Reblown

Image placeholder title

The Fed managed to re-blow the housing bubble.

The Last Chance for a Good Price Was 7 Years Ago.

Don't expect a huge housing boom any time soon. And contrary to widespread NAR propaganda, this is not a good time to buy a home.

Mike "Mish" Shedlock

Existing Home Sales Rise More Than Expected, Return to 2016-2017 Levels

Existing home were better than expected in August. NAR Chief Economist Lawrence Yun credits falling interest rates.

Existing Home Sales Decline Fourth Month

Economists missed the boat again this month expecting a small rebound in existing home sales. Instead, sales fell 0.7%.

Existing Home Sales Rise First Time in Seven Months

Existing home sales rose 1.7%, the first increase since March. Year-over-year sales are down 5.1%.

Existing Homes Prices Up 88th Month: NAR Can't Figure Out Why Sales Are Down

NAR Chief Economist Lawrence Yun is scratching his head. He wonders why sales are weak. Duh?

Existing Home Sales Rise 1.1% But Activity Below Year Ago

Existing-home sales grew in March but sales still lag yearly.

Existing Home Sales Decline Third Month Despite Rising Inventory

Existing home sales declined for the third month, fourth year-over-year. May sales were revised lower.

Existing Home Sales Unexpectedly Decline

Existing homes sales fell 0.4% in April. The Consensus expected a rise.

Existing Home Sales Rise to the Highest Level Since 2006

Total home sales in 2020 were the most since the housing bubble that preceded the great recession.

Existing Home Sales Rise First Time Since May: Hurricane Impacts Abate, NAR Begs for Subsidies

Existing home sales rose 0.7 percent, the first increase since May. The NAR reported 5.39 million sales at a seasonally adjusted annualized rate (SAAR) topping the Econoday consensus estimate of 5.30 million sales.