Existing Home Sales Beats Projections


Posted on Nov 20, 2012

On Monday, the National Association of REALTORS® presented their Existing Home Sales report for October 2012. It showed an increase to 4.79 million homes sold on a seasonally-adjusted, annualized basis, a 11% improvement as compared to one year ago.

The October Existing Home Sales report marks the 16th straight month of year-to-year growth, and suggests that the housing market bottomed sometime last year.

Today's home buyers may agree. With a scant 2.14 million homes for sale nationwide, competition for homes remains fierce -- a force which has resulted in higher median home prices in many U.S. markets.

At today's sales pace, the entire For Sale stock of U.S. homes would be gone in just 5.4 months. Not since February 2006 has supply been as scarce.

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