Existing Single-Family Home Sales Rose Again as Prices Continue to Rise

Sales of existing homes increased 0.8 percent in October, to a 6.34 million seasonally adjusted annual rate (see first chart). Sales are still down 5.8 percent from a year ago. Sales in the market for existing single-family homes, which account for about 89 percent of total existing-home sales, rose 1.3 percent in October, coming in at a 5.66 million seasonally adjusted annual rate (see first chart). From a year ago, sales are down 5.8 percent. Condo and co-op sales decreased 2.9 percent for the month, leaving sales at a 680,000 annual rate for the month versus 700,000 in September (see first chart). From a year ago, condo and co-op sales are off 5.6 percent.

The dominant single-family segment saw sales rise in two regions of the country, fall in one region and come in unchanged in the fourth. Sales rose 4.4 percent in the Midwest and posted a gain of 1.2 percent in the South, the largest region by volume. Sales were off 3.1 percent in the Northeast, the smallest region by volume while sales were unchanged in the West. Sales are still down in all four regions measured from a year ago (-16.2 percent in the Northeast, -6.0 percent in the Midwest, -4.9 percent in the West, and -3.1 percent in the South).