Despite low inventory and rising prices, home sales inched higher in October, marking the second straight month of growth, according to a report from the National Association of Realtors.
Existing-home sales, which include completed transactions that include single-family homes, townhomes, condominiums and co-ops were up 0.8% from September to a seasonally adjusted annual rate of 6.34 million in October. Home sales were down 5.
8% from a year ago, which was a cyclical peak in a pandemic surge in home buying. The median existing-home price for all housing types in October was $353,900, up 13.1% from a year ago. This marks 116 straight months -- or more than nine and a half years -- of year-over-year increases, the longest-running streak on record.
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