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

Realtors:

     - 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%

year/year.

--MNI Washington Bureau; +1 202-371-2121; email: holly.stokes@marketnews.com

[TOPICS: MAUDR$,MAUDS$,M$U$$$]