Single-family existing home sales were stable last month while the condo sector was down, according to the National Association of Realtors.
Total existing-home sales — including single-family, townhomes, condominiums and co-ops — eased by 1.2 percent to a seasonally adjusted annual rate of 4.97 million units in October from a downwardly revised level of just over five million in September and are 20.7 percent below the 6.27 million-unit pace in September 2006.
Total housing inventory rose 1.9 percent at the end of October to 4.45 million existing homes, a 10.8-month supply at the current sales pace, up from a downwardly revised 10.4-month supply in September.
Single-family home sales were unchanged from September at the seasonally adjusted annual rate of 4.37 million in October and are 20.8 percent below 5.52 million-unit level in October 2006. The median existing single-family home price was $205,700 in October, down 6.3 percent from a year ago.
Existing condominium and co-op sales fell 9.1 percent to a seasonally adjusted annual rate of 600,000 units in October from 660,000 in September but are 20.2 percent below the 752,000-unit pace in October 2006. The median existing condo price was $223,500 in October, up 4.9 percent from a year ago.
Existing-home sales in the South were unchanged last month, at an annual rate of just over two million but are 19.4 percent below a year ago. The median price in the South was $171,400, down 6.7 percent from October 2006.
Source: National Association of Realtors