After six monthly declines in existing home sales in the US, things finally changed in October.
Total existing sales gained 1.4% from September to a seasonally adjusted rate of 5.22 million as three of the four main regions recorded increased sales.
The National Association of Realtors says that year-over-year sales were down 5.1% from October 2017.
"After six consecutive months of decline, buyers are finally stepping back into the housing market," Lawrence Yun, NAR's chief economist, said. “Gains in the Northeast, South and West – a reversal from last month's steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018."
The median existing-home price for all housing types in October was $255,400, up 3.8% from October 2017.
While inventory was weaker in October (1.85 million) than September (1.88 million) it was up from 1.80 million in October 2017.
"As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully," said Yun. "This allows for much more manageable, less frenzied buying conditions."