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IPFS News Link • Housing

US Existing Home Sales Rise Unexpectedly As Investors Dominate

•, by Tyler Durden

Source: Bloomberg

That pushed Existing Home Sales SAAR to 6.34mm (on track to exceed 6 million this year, which would be the strongest since 2006).

The median selling price rose more than 13% in October from a year ago to $353,900. That compares with $351,200 in the prior month.

"Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment," Lawrence Yun, NAR's chief economist, said in a statement.

The gain in October purchases reflected stronger results in the upper-end market, whereas sales for cheaper properties were restrained because of a lack of inventory.

Just a good job Wall Street is still snapping up homes.

Investors, who make up many of cash sales, comprised 17% of October contract signings. That compares with 13% in September and 14% a year earlier.