October existing-home sales increased last month, after six straight months of decreases, the National Association of REALTORS® reported Wednesday. Three of four major regions saw gains in sales activity last month.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017).
Here are the 3 key takeaways from the report:
1.)Year-Over-Year home sales dropped 4.6% in October – that’s the third month in a row.
2.)Inventory increased for the first time in a decade according to the housing report.
3.) Sales prices in October were one of the lowest increases in 2018.