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Existing Home Sales Remain Stable in October

Posted on November 20, 2016

Existing Home Sales Remain Stable in October

Sales of existing single-family homes in October matched the numbers reported  in October one year ago. There were 202 single-family home resales in October 2016 and 200 in sold October 2015.

The latest numbers kept the annual rate of sales in October, which was 2,994, essentially the same as what was reported last month. The annual rate of resales in September 2016 was 2,992.

The October annual rate of sales is 3.7% ahead of the annual rate of 2,887 reported this time last year.

Comparing the first ten months of this year with January thru October of last year, reports show 2,470 single-family resales in 2015 and 2,618 family resales in 2016. This is a 6.0% increase.

As the chart below shows, the growth in sales ended in June and the annual rate of resales has remained stable since July.

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The October report indicates that 12-month average single-family resale prices have been increasing slightly since August. The 3-month average of prices shows that the increasing trend that began in January is beginning to level off.  The three-month average sales price has increased by 18.1% since January to $229,900 in October.

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