Published: Nov 21, 2017 10:36 a.m. ET (Market Watch)
Homes were on the market for about 34 days in October.
What happened: Existing-home sales ran at a 5.48 million annual rate in October, up 2% to the best monthly rate since June, the National Association of Realtors said Tuesday.
Economists surveyed by MarketWatch had forecast a 5.45 million pace. September’s pace, originally reported as 5.39 million, was revised down to 5.37 million.
The median sales price was $247,000, up 5.5% from 12 months ago, and October marked the 68th-straight month in which prices rose compared to a year ago. At the current sales pace, it would take 3.9 months to exhaust the available supply of homes, down from 4.4 months a year ago.
October’s inventory, when seasonally adjusted, was the second-lowest on record going back to 1999, said David Berson, chief economist for Nationwide who previously held that position at Fannie Mae.
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