Data from the National Association of Realtors shows that the annual rate of existing home sales rose to 5.22 million in October, the highest rate in seven months.
While this number is above economists’ predicted rate of 5.2 million, it is still down 5.1 percent from a year ago, the Los Angeles Times reports. The same NAR report showed that median home sales price rose 3.8 percent in October from a year earlier, while available inventory of homes expanded 2.8 percent.
Two other housing reports this week gave a mixed picture of the sector: Sentiment among homebuilders dropped the most since 2014 in November amid pessimism over both current and future demand, while government data showed housing starts rebounding slightly in October. Even with the slowdown in the housing market, Federal Reserve officials are still expected to raise interest rates in December for the fourth time this year and continue tightening in 2019, as consumer spending is seen remaining solid.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
