The National
Association of Realtors (NAR) reported on Thursday that the U.S. existing home
sales surged by 3.4 per cent m-o-m to a seasonally adjusted rate of 3.96 million
in October from a downwardly revised 3.83 million (from 3.84 million) in September.
This marked the first monthly
gain in existing home sales in
three months.
Economists had expected
home re-sales to accelerate to a 3.93 million-unit pace last month.
In y-o-y terms,
existing-home sales increased 2.9 per cent in October. This was the first annual
advance since July 2021 (+1.8 per cent y-o-y).
According to
the report, all four major
regions – the Midwest (+6.7 per cent m-o-m), South (+2.9 per cent m-o-m),
Northeast (+2.2 per cent m-o-m), and West (+1.3 per cent
m-o-m), - posted gains in existing-home sales on a m-o-m basis.
In y-o-y terms,
existing-home sales increased in the West (+8.5 per cent), South (+2.3 per cent) and Midwest (+1.1 per cent) but
were unchanged in the Northeast (flat m-o-m).
Over the
reviewed period, the median existing-home price for all housing types climbed 4.0
per cent y-o-y to $407,200, reflecting advances in prices in all four U.S.
regions. This was the 16th straight month of year-over-year gains in median
existing-home price.
Single-family
home sales came in at a seasonally-adjusted annual rate of 3.58 million in October,
up 3.5 per cent m-o-m and 4.1 per cent y-o-y. Meanwhile, existing condominium and co-op sales were recorded
at a seasonally-adjusted annual rate of 380,000 units in October, up 2.7 per cent m-o-m and but down 7.3 per
cent y-o-y.
Commenting on
the latest data, Lawrence Yun, NAR chief economist, noted that the worst of the
downturn in home sales could be over, with increasing inventory leading to more
transactions. “Additional job gains and continued economic growth appear
assured, resulting in growing housing demand,” he added. Yun also suggested
that additional inventory and more home-building activity will help price
increases moderate next year.