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
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable