Existing home sales increased in October after six straight months of decreases, the National Association of Realtors reported yesterday. Total sales for existing homes, including single-family homes, condos and townhomes, increased 1.4 percent from September to a seasonally-adjusted rate of 5.22 million in October. Sales are down 5.1 percent, though, from last October.
fcgrowth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.” Properties typically stayed on the market for 33 days in October, up from 32 days in September, but down from 34 a year ago.
Rising interest rates and increasing home prices continue to suppress the rate of first-time home buyers, Yun noted, adding that home sales could further decline before stabilizing.