Existing Sales Skyrocket 10.1% !!

Today’s Talking Point 11/24/2009

NAR released their Existing Sales Report yesterday. The key points:

Sales

Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent over last month’s numbers and is 23.5 percent above the level in October 2008.

Inventory

Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from an 8.0-month supply in September. Unsold inventory totals are 14.9 percent below a year ago.

Price

The national median existing-home price for all housing types was $173,100 in October, down 7.1 percent from October 2008.

Foreclosures and Short Sales

Distressed properties accounted for 30 percent of sales in October.

Condos

Existing condominium and co-op sales surged 13.2 percent.