October Sales, Prices for Existing Homes Top 10-Year Average

Author: Brian Honea December 2, 2014Share on facebookShare on twitterShare on emailShare on pinterest_shareMore Sharing Services12

The figures for both sales and median price for existing homes in October nationwide were higher than the "10-year October average," or the average of that data from the previous 10 Octobers, according to the National Association of Realtors.

The number of existing homes sold in the U.S. stood at about 5.26 million in October, coming in just ahead of the 10-year October average of about 5.198 million, according to NAR. The Midwest and South experienced a similar trend with existing home sales, while October's existing home sales figures for the West and Northeast were below the 10-year October average.

NAR reported that there have been four consecutive year-over-year gains in October for existing home sales for every region except the West, which experienced a slight decline in October. This is likely due to existing home sales hitting their low point in 2010, shortly after the sales figures were buoyed by the first-time home buyer tax credit in late 2009.

Meanwhile, the median price of existing homes in the U.S. for October 2014, reported at $208,300, was higher than the 10-year nationwide October average of $191,500, NAR reported. The median price in October was higher than the 10-year average in all regions except the Northeast, according to NAR. While year-over-year median existing home price data shows prices generally struggling from 2006 to 2011, prices have improved in the last three years, although the growth rate for existing median home price has decelerated over the past year, NAR reported.