On a year-ago basis sales posted at 2.5 percent.
Supply declined 2.6 percent in October after a 2.1 percent drop in September. Months' supply slipped to 5.1 months from 5.3 months in September.
Demand appears to be soft as the median price eased 0.4 percent after a 4.3 percent drop in September. The year-ago price stood at up 5.5 percent in October.
Overall, today's report suggests modest improvement in housing sales but with mixed numbers on supply and prices. Housing currently is not robust.
Recent History Of This Indicator:
Existing home sales rose a solid 2.4 percent in September to a higher-than-expected annual rate of 5.17 million. This followed a dip of 1.8 percent in August. Year-on-year, however, sales remained flat at minus 1.7 percent. Condo sales were the strongest in the month, up 5.2 percent to a 0.610 million rate with sales of single-family homes showing less growth, up 2.0 percent to a 4.56 million rate. Year-on-year, condo sales show no change with single-family homes at minus 1.9 percent.
Existing home sales rose a solid 2.4 percent in September to a higher-than-expected annual rate of 5.17 million. This followed a dip of 1.8 percent in August. Year-on-year, however, sales remained flat at minus 1.7 percent. Condo sales were the strongest in the month, up 5.2 percent to a 0.610 million rate with sales of single-family homes showing less growth, up 2.0 percent to a 4.56 million rate. Year-on-year, condo sales show no change with single-family homes at minus 1.9 percent.
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