Existing home sales of a seasonally adjusted 5.12M fell 3.2% in October (roughly inline), but are 6% higher than a year ago. The national median existing home price of $199,500 is up 12.8% from a year ago. Distressed sales accounted for 14% of total sales vs. 25% a year ago.
Total inventory fell 1.8% Y/Y to 2.13M homes, a 5-month supply vs. 5.2 months last year. The median time on the market of 54 days is up from 50 in September and down from 71 in October 2012.
Larry Yun: "The erosion in buying power is dampening home sales ... Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country. More new home construction is needed to help relieve the inventory pressure and moderate price gains.”