San Francisco

U.S. sales of existing homes rose 1.2% from the previous month to a seasonally adjusted annual rate of 4.10 million, according to the National Association of REALTORS® (NAR), as buyers took advantage of lower mortgage rates this fall. Sales increased in the Midwest and South, held steady in the Northeast, and edged down in the West. Year-over-year, sales were up 1.7%, with gains in the Northeast, Midwest, and South, while the West posted a decline.

New Listings were down 7.8 percent for single family homes but increased 12.6 percent for Condo/TIC/Coop properties. Pending Sales increased 6.0 percent for single family homes and 15.8 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 15.4 percent to $1,800,000 for single family homes and 7.1 percent to $1,200,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 43.8 percent for single family units and 45.0 percent for Condo/TIC/Coop units.

Nationally, inventory dipped 0.7% month-over-month but rose 10.9% year-over-year, totaling 1.52 million units, according to NAR. At the current sales pace, supply stands at 4.4 months, slightly below last month’s level but higher than the 4.1 months recorded a year ago. Supported by modest inventory levels, prices continue to rise, with the national median existing-home price increasing 2.1% year-over-year to $415,200, marking 28 consecutive months of annual gain.