--Price Increases Hit Affordability in South, West
WASHINGTON (MNI) - Existing home sales in October ratcheted down 3.4% but
stayed well above a 5 million annual rate for the eighth straight month, even as
rising prices were beginning to make sales less affordable, especially in the
West and South, the National Association of Realtors reported Monday.
The national median price was $219,600, the lowest since April but still
5.8% above a year earlier. NAR Chief Economist Lawrence Yun told reporters that
when the buying season ramps up again in the spring, prices could accelerate
again, driven by the same supply shortage that has characterized the
single-family home market for years.