By Stephen Melman | NAHB
October existing sales increased 2.0%, and the first-time buyer share increased to 32% of sales. The National Association of Realtors projected that Texas and Florida sales are now expected to completely bounce back by the end of the year from declines due to Hurricanes Harvey and Irma. Some 47% of homes sold last month were on the market less than a month, compared to 48% in September. October inventory decreased 3.2%, and is 10.4% below the level a year ago, having decreased for the 29th consecutive month. At the current sales rate, the October unsold inventory represents a 3.9-month supply, down from a 4.2-month supply last month, and a 4.4-month supply a year ago. October existing sales reached a seasonally adjusted rate of 5.48 million units, up from a downwardly revised 5.37 million units last month. Total existing home sales include single-family homes, townhomes, condominiums and co-ops.
