Economists' Outlook

Housing stats and analysis from NAR's research experts.

October 2019 Existing-Home Sales

NAR released a summary of existing-home sales data showing that housing market activity this October, rose 1.9% after falling in September 2019. October’s sales of existing homes inclined 4.6% from October 2018. September’s existing-home sales reached a 5.46 million seasonally adjusted annual rate.

Line graph: U.S. Existing-Home Sales October 2018 to October 2019

The national median existing-home price for all housing types reached $270,900 in October up 6.2 percent from a year ago.  Home price growth remains strong. This marks the 92nd consecutive month of year-over-year gains.

Bar chart: Sales Price of EHS by Region October 2018 and October 2019

Regionally, all four regions showed growth in prices from a year ago. The West had the largest gain of 7.2% followed by the South with an increase of 6.3%. The Northeast had an increase of 5.2% and the West had the smallest gain of 4.5% from September 2018.

October’s inventory figures were down 2.7% from last month standing at 1.77 million homes for sale. Compared with October of 2018, inventory levels were down 4.3%. This would mark four straight months of year-over-year declines. It will take 3.9 months to move the current level of inventory at the current sales pace. It takes approximately 36 days for a home to go from listing to a contract in the current housing market, the same as last year.

Bar chart: Monthly Inventory October 2018 to October 2019

From September 2019, two of the four regions showed increases in sales. The South had the biggest gain in sales at 4.4% followed by the Midwest with an incline of 1.6%. The West fell 0.9% followed by the Northeast with the biggest dip of 1.4%.

From a year ago, three of the four regions showed increases in sales while the Northeast was flat. The South had the biggest gain in sales at 7.8% followed by the West with an incline of 3.7%. The Midwest had the smallest increase of 2.4%.

The South led all regions in percentage of national sales, accounting for 43.0 % of the total, while the Northeast had the smallest share at 12.6%.

Bar chart: Regional Sales October 2018 and October 2019

In October, single-family sales were up 2.1% and condominiums sales were flat compared to last month. Single-family home sales were up 5.4% while condominium sales down 1.7% compared to a year ago. Single-family homes had an increase in price up 6.2% at $273,600 and condominiums rose 5.6% at $248,500 from October 2018.

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