October 2012 saw an increase in the sales of existing homes in the United States, despite some impact from Hurricane Sandy, and also saw home prices continue rising, according to the National Association of Realtors.
Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, were up 2.1% to a seasonally adjusted annual rate of 4.79 million in October 2012, from the downwardly revised 4.69 million in September. October sales are 10.9% above October 2011's 4.32 million.
At the end of October 2012 the total housing inventory was down 1.4%, to 2.14 million existing homes available for sale--a 5.4-month supply at the current sales pace. This was the lowest housing supply since February of 2006, when the housing supply was 5.2 months. Listed inventory was down 21.9% from October 2011, when there was a 7.6-month supply.
Sales of single-family home were up 1.9% to a seasonally adjusted annual rate of 4.22 million, from 4.14 million in September, and up 9.6% from 3.85 million in October 2011. The median price of an existing single-family home was $178,700 in October 2012, up 10.9% from one year ago.
Sales of existing condominiums and co-ops were up 3.6% to a seasonally adjusted annual rate of 570,000 in October 23012, from 550,000 in September, and were up 21.3% from 470,000 one year ago. The median price was $177,500, up 11.7% from one year ago.
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