Existing-home sales rebound in October even as inventory crunch worsens

• November 21, 2017
• realestatelife
• Announcements, Business & Markets, Real Estate, Real Estate Finance

Existing-home sales ran at a 5.48 million annual rate in October, the best monthly rate since June, the National Association of Realtors said Tuesday.

Economists surveyed had forecast a 5.45 million pace. September’s pace, originally reported as 5.39 million, was revised down to 5.37 million.

The median sales price was $247,000, and October marked the 68th-straight month in which prices rose compared to a year ago. At the current sales pace, it would take 3.9 months to exhaust available supply of homes, down from 4.4 months a year ago.