Existing home sales down in October, but still up over last year
Here’s a look at today’s existing home sales data from the National Association of Realtors:
Reuters reports that “an inventory shortage and high property prices… have dampened buying power”. The median sale price was up 12.8 % over last year to $199,500, Reuters adds.
Calculated Risk’s Bill McBride looks at the year-over-year change in housing inventory which, he writes, bottomed out in early 2013. Since then, it has been steadily increasing over last year’s levels, he says. Housing inventory is seasonal and tends to peak in the summer, which makes the year-over-year numbers useful.