Industry News

Real estate prices, sales drop in October

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The rate of existing-home sales ended a six-month slide and rose 0.5 percent in October compared to September, though the rate was 11.5 percent below the October 2005 level, according to a National Association of Realtors report today. Total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- reached a seasonally adjusted annual rate of 6.24 million units in October. This rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The national median existing-home price for all housing types was $221,000 in October, which is 3.5 percent below the October 2005 rate and level with the September median price. The average home price, meanwhile, has dropped for the past four months, and the October average price was 3.3 percent lower than the October 2005 price. David Lereah, NAR's chief economist, said in a statement that "sales are lower than sustainable due to psychological factors. The de...