October Existing Home Sales Beat Expectations At 4.97M

Photo: Casey Serin

October existing home sales climbed 1.4% month-over-month to an annual rate of 4.97 million.Analysts were expecting 4.8 million.

September’s figure was revised down slightly to 4.90 million from 4.91 million.

“Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents and high affordability conditions,” said NAR chief economist Lawrence Yun. “Many people who are attempting to buy homes are thwarted in the process.”

The national median home price was $162,500, down 4.7% from a year ago.

The National Association of Realtors full announcement can be read here.

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