The home sales, auto sales combo that has been a main driver of US economic activity posted another good number today.
Existing homes sales rose 2.0%, better than the Econoday Consensus.
October existing home sales jumped 2.0 percent to an annualized rate of 5.6 million and above Econoday’s consensus of 5.420 million. September’s sales were revised slightly higher to an annualized rate of 5.490 million from 5.470 million. On the year, sales were up 5.9 percent from the same month a year ago. October sales were the highest since February 2007.
Strength was in single family home sales which were up 2.3 percent to 4.990 million while condos remained unchanged at 610,000. The median price was up 6.0 percent from a year ago at $232,200. Home supply was down 0.5 percent to 2.02 million or a 4.3 months supply.
Sales were up in all four regions. The South was up 2.8 percent, the Midwest was up 2.3 percent, the Northeast was up 1.4 percent and the West was up 0.8 percent. Supply remains tight. Homes were on the market for an average of 41 days compared with 57 days a year ago.
Mike “Mish” Shedlock