October EHS Pace Cools Down

Existing Home Sales remained strong in October, but were down from September’s brisk pace. The seasonally adjusted annual rate (SAAR) fell 3.4% month-over-month from 5.55M to 5.36M. This 5.36M pace still is almost 4% higher than October 2014, marking the 13th consecutive month of year-over-year gains for EHS.

An excerpt from Realtor.org:

Lawrence Yun, NAR chief economist, says a sales cooldown in October was likely given the pullback in contract signings the last couple of months. “New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets,” he said. “Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales.”

“As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago.”

Median prices for existing homes were up 5.8% year-over-year, marking the 44th straight month of YOY increases in existing home prices.

October also saw an increase in first-time home buyers, who represented 31% of transactions in October (vs 29%).

Existing Home Sales, October 2015  |  Realtor.org

For more information on Existing Home Sales, visit Realtor.org using the links below:
1. Full News Release: October 2015 Existing-Home Sales | realtor.org.
2. Infographic: October 2015 Existing-Home Sales | realtor.org.


Dave Eckstein, ESA & Company | Real. Local. Results: 2012Dave Eckstein is a Partner in the firm ESA & Company. He specializes in highly profitable market share growth for local businesses and gets a kick out of demonstrating a declining cost of customer acquisition. He plays baseball, but isn't that Dave Eckstein.

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