Existing-home sales fell 4.1 percent nationally last month, according to the National Association of Realtors. Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest. Year-over-year, sales were down 14.6 percent.
The median existing-home sales price climbed 3.4 percent from one year ago to $391,800—the fourth consecutive month of year-over-year price increases.
Total housing inventory registered at the end of October was 1.15 million units, up 1.8 percent from September but down 5.7 percent from one year ago.
“While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year-over-year, including a new all-time high for the month of October,” said NAR Chief Economist Lawrence Yun. “In fact, a typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”