Sales of previously-owned homes rose 1.9% in October — the latest housing statistic to demonstrate the upward lift low mortgage rates have provided to the U.S. real-estate market.
Existing-home sales occurred at a 5.46 million seasonally-adjusted annual pace in October, up from a 5.38 million rate in September, the National Association of Realtors said Thursday. On a year-over-year basis, overall sales were up 4.6%.
Economists polled by MarketWatch had expected the average annual rate of existing-home sales to increase slightly more to 5.47 million.
The median sales price ticked up 6.2% over the past year to $270,900, as prices increased across all parts of the country. Unsold inventory was at a 3.9-month supply, down from 4.1 months in September and 4.3 months a year ago. Nearly half (46%) of homes sold in October were on the market for less than a month.
Sales volume varied from region to region, the National Association of Realtors reported. Sales rose in the Midwest and the South, but fell in the more expensive regions of the Northeast and the West.