WASHINGTON (November 20, 2014) – Existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors®.
Highlights:
• The median existing-home price for all housing types in October was $208,300, which is 5.5 percent above October 2013. This marks the 32nd consecutive month of year-over-year price gains.
• Total housing inventory at the end of October fell 2.6 percent to 2.22 million existing homes available for sale, but unsold inventory is still 5.2 percent higher than a year ago.
• Distressed homes – foreclosures and short sales – were in the single-digits for the third month this year, decreasing to 9 percent in October from 10 percent in September; they were 14 percent a year ago.
• Properties typically stayed on the market in October longer (63 days) than last month (56 days) and a year ago (54 days).
• Single-family home sales increased 1.3 percent; The median existing single-family home price was $208,700 in October, up 5.6 percent from October 2013.
• Existing condominium and co-op sales increased 3.3 percent; The median existing condo price was $205,400 in October, which is 4.5 percent higher than a year ago.
You can read the full report, Existing-Home Sales Rise in October, First Year-Over-Year Increase since October 2013, on the NAR website.
Amy Garland is a member of the National Association of Realtors. For help with your Knoxville real estate needs contact her at (865) 257-0100 or by e-mail.