Trending Home Sales: Stats Galore!
According to the National Association Of Realtors (NAR), existing-home sales climbed in October 2019. Interestingly, the Midwest and the South saw growth, and the Northeast and the West both recorded a decline in sales.
Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped up 1.9% from September to a an annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).
NAR’s chief economist, Lawrence Yun, said that 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.”
October’s price increase marks 92 consecutive months of positive gains. The median existing-home price for all housing types in October was $270,900, which is up 6.2% from October 2018 ($255,100).
At the end of October, total housing inventory was at 1.77 million units, down approximately 2.7% from September and 4.3% reported one year ago (1.85 million). Additionally, unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month stat from October 2018.
“The issuance of more housing permits is a very positive sign and a good step toward more inventory,” said Yun. “In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market.”
First-time buyers were responsible for 31% of sales in October, down from 33% in September and identical to the 31% reported in October 2018. Individual investors or second-home buyers purchased 14% of homes in October 2019 – unchanged from September but declined from the 15% figure on file for October 2018. All-cash sales totaled 19% of transactions in October, rose from 17% in August and down from 23% in October 2018.
Foreclosures and short sales, distressed sales represented 2% of sales in October, unchanged from September but still down from 3% in October 2018.
Active listings on Realtor.Com rose by over 1% from one year ago in several of the largest metro areas: Minneapolis-St. Paul-Bloomington (16%), Las Vegas-Henderson-Paradise (14%), San Antonio-New Braunfels (9%), Detroit-Warren-Dearborn (5%), Atlanta-Sandy Springs (5%), Denver-Aurora-Lakewood (4%), Dallas-Fort Worth-Arlington (4%), and Myrtle-Beach-Conway (4%).
Trending Regional Stats
Compared to 30 days ago, October 2019 sales increased in the Midwest and South regions, but sales are up in all regions from a year ago.
October 2019 existing-home sales in the Northeast dropped 1.4% to an annual rate of 690,000, with no change from a year ago. The Northeast median price was $296,700, up 5.7% from October 2018.
Midwest existing-home sales increased 1.6% to an annual rate of 1.29 million, up 2.4% from a year ago. The median price in the Midwest was $209,900, a 6.7% jump up from a year ago.
Southern regional existing-home sales grew 4.4% to an annual rate of 2.35 million in October, which up 7.8% from a year ago. The median price in the South was $234,900, a 6.0% hike up from this time last year.
Existing-home sales in the West fell 0.9% to an annual rate of 1.13 million in October, 3.7% above a year ago. The median price in the West was $410,700, up 7.8% from October 2018.
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