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MNI: 5 Things We Learned From The Existing Home Sales Data

By Kevin Kastner, Sara Haire, and Holly Stokes
     WASHINGTON (MNI) - The following are the key points from the October
existing home sales data released Tuesday by the National Association of
     - October existing home sales +2.0% to 5.48M vs 5.39M expected, while
September was revised down slightly to 5.37M.
     - October resales in Northeast +4.2%, Midwest +0.8%, South +1.9%, and West
+2.4%. Single family sales +2.1% as condos +1.7%.
     - October home supply -3.2% to 1.8m, its lowest October value since start
in 1999, and -10.4% year/year, allowing the months supply to drop to 3.9 months
from 4.2 months in September and 4.4 months a year ago.
     - NAR's Chief Economist Lawrence Yun said hurricane impact more a modest
negative than previously thought, and sales quickly bouncing back as indicated
by data in affected areas in Florida and Texas.
     - National median sales price declines to $247,000 in October, +5.5%
--MNI Washington Bureau; +1 202-371-2121; email:

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