Having hit a 14-year high in August and then jumped another 9.4 percent in September, the seasonally adjusted pace of existing-home sales across the U.S. ticked up another 4.3 percent in October to an annual rate of 6.85 million sales, a pace which is 26.6 percent higher than at the same time last year, according to the National Association of Realtors.
That being said, the pace of pending home sales has started to slip.
And with the rate of sales (demand) continuing to outpace the rate of new listings (supply), listed inventory levels slipped another 2.7 percent to 1.42 million homes, which is down 19.8 percent on a year over year basis versus 115 percent higher in San Francisco.