REPEAT:MNI DATA ANALYSIS: US Oct Exist Homes +2.0% to 5.48M

Repeats Story Initially Transmitted at 15:00 GMT Nov 21/10:00 EST Nov 21

By Kevin Kastner, Sara Haire and Holly Stokes

     WASHINGTON (MNI) - Home resales rose 2.0% in October to an annual rate of

5.48 million, above expectations for a 5.39 million pace, data released by the

National Association of Realtors reported Wednesday showed.

     The sales pace for September was revised down to a 5.37 million rate from

the previously reported 5.39 million pace.

     NAR Chief Economist Lawrence Yun told reporters that most of the

hurricane-related areas saw sales rebounds, adding that the hurricane impact was

more modest than expected. 

     Sales were up in all four regions of the country. The South region posted a

1.9% gain after a 1.4% decline in September. Sales were up 4.2% in the

Northeast, up 0.8% in the Midwest, and up 2.4% in the West.

     Yun added that the recent tax bill under consideration could be "major wild

card" for housing growth as it would trim back the incentives to home buying.

     The number of housing units available for sale fell 3.2% in October to a

total of 1.80 million houses, the lowest supply on record for the month of

October. The supply decline pulled down the months supply to 3.9 months, also

the lowest for an October report. The months supply was 4.2 months in September

and 4.4 months a year ago.

     October's national median price of $247,000 was up 5.5% from a year

earlier, a sign of sharp price acceleration relative to wage gains. Yun repeated

that more supply is needed across the country to "tame the price growth."

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com