Hurricane Sandy Had Little Impact on October Home Sales

Despite Hurricane Sandy, existing home sales rose 2.1% in October after a 2.8% slide in September, according to new figures compiled by the National Association of Realtors.

NAR chief economist Lawrence Yun noted that Hurricane Sandy had little impact on October purchases. “Most October transactions were completed by the time the storm hit,” he said.

The trade group reported Monday that existing home sales (including condominiums and cooperatives) rose to a 4.79 million seasonally adjusted annual rate in October, up from a 4.69 million rate in September.

Overall, existing sales increased 11% from a year ago. Single-family transactions  rose 9.6% from October 2011 and condo/co-op deals jumped 21% from a year ago.

Sales in the Northeast fell 1.7% in October after a 6% decline in September. Nationally, sales of previously owned homes in the Northeast comprised only 12% of all transactions in September.

Meanwhile, the Realtors reported that the median price of a home sold was $178,600 in October, up 11% from a year ago.

Existing homes in the $250,000 to $500,000 price range made up 24% all transactions in October. Sales of homes in that price range are up 34% from a year ago.