Roseville, Calif. – According to a recent report from the National Association of Realtors, for the second consecutive month, existing-home sales, across the country, were on the rise and at the highest annualized pace in nearly a decade.
The report shows all major regions across the country with increases last month. The west region had the lowest increase of the four with a .8 percent rise in existing home sales but is 10.4 percent higher than last year. The median price in the west was up 7.8 percent to $345,800.
Total existing-home sales – which are completed transactions that include single-family homes, townhomes, condos, and co-ops – increased 2 percent to a seasonally adjusted annual rate of 5.60 million in October. The pace of existing-home sales is 5.9 percent higher than a year ago (5.29 million), rising above June’s pace of 5.57 million. It was the highest sales pace since February 2007.
According to NAR, the strong October sales gain was widespread and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply.  Even with continued low inventory levels and upward pressure on price, buyers continue to find and buy homes.
Here’s a closer look at some key indicators with existing-home sales from NAR’s latest data release.
Home Prices
The median existing-home price for all housing types in October was $232,200. That is a 6 percent increase from a year ago.
Days on the market
Forty-three percent of homes sold in October were on the market for less than a month, according to NAR’s report. Properties stayed on the market an average of 41 days in October, down from 57 days a year ago. Short sale properties were on the market the longest amount of time for a median of 99 days; foreclosures typically sold in 50 days; and non-distressed homes were on the market a median of 39 days.
All-cash sales
Transactions involving all-cash consisted of 22 percent of sales in October, down from 24 percent a year ago. Individual investors account for the biggest bulk of cash sales. They purchased 13 percent of homes in October, unchanged from a year ago.
Distressed sales
Foreclosures and short sales comprised 5 percent of sales in October, down from 6 percent a year ago. Four percent of last month’s sales were foreclosures and 1 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value last month while short sales were discounted an average of 16 percent.
Inventories
Total housing inventories dropped 0.5 percent to 2.02 million existing homes available for sale by the end of October. That is 4.3 percent lower than a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace.
