MNI DATA IMPACT: US Oct Existing Home Sales +1.9% To 5.46M

By Alexandra Kelley and Brooke Migdon

     WASHINGTON (MNI) - The pace of existing home sales rose 1.9% to a 5.46

million annual rate in June, according to data released Thursday by the National

Association of Realtors. 

     NAR's Chief Economist Lawrence Yun said low mortgage rates and strong job

growth are instilling confidence in buyers. "The market condition is super

favorable, so buyers want to take advantage of the job situation." 

     The following are the other key points from the report: 

     - September home sales were revised to a 5.36 million pace from the 5.38

million rate previously reported. 

     - October resales in Northeast -1.4%, Midwest +1.6%, South +4.4%, and West

-0.9%. 

     - Inventory of 3.9 months down from 4.1 in September and 4.3 in October

2018 and is the lowest sales pace since March, signaling tight market

conditions. Days on the market remained steady at 36 days, the same as a year

ago. 

     - National median sales price +6.2% y/y to $270,900 in October, the

strongest annual growth rate in more than two years on low inventories. With

less expensive homes in desirable areas being harder to come by, home sales with

an asking price of $100,000 or lower fell by 11%, while home in the more

expensive price range of $250,000 to $1 million grew. 

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

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