Economy
November 20, 2013
Low Inventory Driving Existing Home Prices Higher
Written by Sandy Williams
Existing home sales fell in October but low inventory continues to drive home prices upward said the National Association of Realtors in their November report. Existing housing inventory stood at 2.13 million homes at the end of October—a drop of 1.8 percent from last month.
Home sales fell 3.2 percent to a seasonally adjusted annual rate of 5.12 million in October from 5.29 million in September. Sales are up 6.0 percent from this time last year.
