Having rebounded 4.7 percent in September following an unexpected 4.8 percent drop in August, the seasonally adjusted pace of existing-home sales in the U.S. fell 3.4 percent in October.
The annual rate of 5.36 million sales remains 3.9 percent higher versus the same time last year, but that’s compared to 8.8 percent higher on a year-over-year basis the month before.
And for the second month in a row, the median sale price dropped, from $221,900 in September to $219,600 in October, which is now 7.1 percent below the record $236,400 median sale price set in June. The median sale price remains 5.8 percent higher on a year-over-year basis, down from 6.1 percent higher on a year-over-year basis the month before.
In terms of inventory, the number of unsold homes on the market across the country dropped 2.3 percent to 2.14 million homes at the end of October, which is 4.5 percent lower than at the same time last year versus 3.1 percent lower last month.
The pace of existing-home sales in the West dropped 8.7 percent to an annual rate of 1.16 million sales in October but remains 2.7 percent higher on a year-over-year basis, down from the 9.5 percent higher on a year-over-year basis last month.