Existing Home Sales Unexpectedly Surge To 4.79 Million

san bernardino

Photo: AP Photo/Ric Francis

Existing home sales surged 2.1 per cent in October rising to 4.79 million.This beat expectations of an annualized pace of 4.7 million. 

The national median existing home price was $178,600 in October, up 11.1 per cent from a year ago.

A regional breakdown showed that existing home sales in the Northeast fell 1.7 per cent on the month, and median price was up 4.6 per cent from a year ago.

In the Midwest existing home sales were up 1.8 per cent on the month, while the median price was up 10.6 per cent from a year ago.

In the South sales were up 2.1 perfect on the month, and the median price was up 8.2 per cent from a year ago. And in the West, sales were up 2.1 per cent on the month, and the median price was up 21.2 per cent from a year ago.

From the press release:

“Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.1 per cent to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September, and are 10.9 per cent above the 4.32 million-unit level in October 2011.

Lawrence Yun , NAR chief economist, said there was some impact from Hurricane Sandy. “Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country,” he said. “We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm-impacted regions.”

Original

Two major housing data points are being released at 10 a.m. ET. Existing home sales for October and the housing market index for September. 

Recent data has supported the argument that housing has turned the corner. But existing home sales fell 1.7 per cent in September to an annualized pace of 4.75 million units. 

In October, existing home sales are expected to decline further to an annualized pace of 4.7 million units.

Existing homes account for a larger share of the housing market than new homes.

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