MNI DATA ANALYSIS: US Oct Existing Home Sales +1.4% to 5.22M

By Kevin Kastner, Shikha Dave, and Harrison Clarke

     WASHINGTON (MNI) - Home resales rose 1.4% in October to an annual rate of

5.22 million, above expectations for a small rise to a 5.18 million pace, data

released by the National Association of Realtors reported Wednesday showed.

     "After six consecutive months of decline, buyers are finally stepping back

into the housing market," NAR Chief Economist Lawrence Yun told reporters.

     --SUPPLY FALLS ON THE MONTH

     The number of housing units available for sale fell 1.6% in October to a

total of 1.85 million houses, lowering the months supply to 4.3 months at the

current sales pace from 4.4 months in September.

     September sales were unrevised from the originally reported 5.15 million

annual rate.

     --REGIONAL DATA GENERALLY POSITIVE

     Sales increased in the Northeast, West, and South regions, but declined in

the Midwest region. Yun noted that although sales in the West region rebounded

slightly on the month, sales are still down 11.2% from a year ago.

     --PRICES DOWN M/M, UP Y/Y

     October's national median price of $255,400 was up 3.8% from a year earlier

showing that home prices are still rising faster than wages, but according to

Yun, "home price growth has begun to slow more meaningfully."

--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com

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