US October Existing-Home Sales Fall 5.5%, Miss Forecasts
Summary
- US October existing-home sales fell 5.5% from a month earlier to a seasonally adjusted annual rate of 3.75 million units, missing market forecasts.
- The October median price for an existing home rose 0.4% from a year earlier to $416,700, remaining elevated.
- During the same period, housing inventory totaled 1.59 million units, equivalent to a 5.1-month supply.
Forecast Trend Report by Period
Existing-home sales in the US fell 5.5% in October from the previous month, coming in below market forecasts. Even as home sales weakened, prices continued to rise from a year earlier.
The National Association of Realtors said on November 12 that existing-home sales totaled a seasonally adjusted annual rate of 3.75 million units in October. That was below the market forecast of 3.85 million units and down 5.5% from the revised September figure of 3.97 million.
The median price for an existing home in October was $416,700, up 0.4% from a year earlier.
Housing inventory totaled 1.59 million units during the same period. At the current sales pace, that represents a 5.1-month supply.
Despite the decline in existing-home sales, home prices remained higher than a year earlier.
JH Kim
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