October existing home sales were more “treat” than “trick” thanks to a 1.4% month–over-month increase in existing-home sales in October. The uptick in sales prompted The National Association of Realtors, (NAR) to adjust the annual projected sales rate upward by 13.5% from a 4.38 million unit sales pace in October 2010 to a projected 4.97 million sales pace for 2011.
Here is the distribution of sales by categories according to a DSNews.com Recap:
- First-time homebuyers comprised 34% of purchases.
- Investors took an 18% share of home sales.
- Cash purchases were 29% of sales.
- Inventory of single-family homes for sale fell 2.2% to 3.3 million.
- Inventory fell from an 8.3 month supply in September to an 8 month supply in October.
- Distressed purchases fell to 28% of transactions.
- Foreclosed properties were at 17% of sales.
- 11% of distressed sales were short sales.
- The national median existing-home price was $162,500—down 4.7 % from the prior month.
- Some regions experienced shortages of desirable properties in modest price ranges. This triggered multiple offers and unmet buyer demand.
How do these trends compare to what you see in your marketplace? What would help sales to rise in your region?
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