WASHINGTON, DC—Sales of existing homes including for-sale apartments were up 2% in October to reach their strongest pace in months, the National Association of Realtors said Tuesday. However, the pace is still slower by 0.9% than a continued shortage of inventory led to fewer closings on an annual basis for the second consecutive month.
“Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home,” says Lawrence Yun, NAR's chief economist. “While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”
The median existing-home price for all housing types in October was $247,000, up 5.5% from the year-ago period and representing the 68th straight month of year-over-year gains. For apartments including condominiums and co-ops, October's median existing price was $236,800, up 6.9% Y-O-Y.
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