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NEW YORK — Home sales have hit new highs for the fourth consecutive week and are now the highest in nine years, according to a report out today from NPD Group.
The latest figures, compiled from NSP and the National Association of Realtors, show that the number of homes sold in October was nearly 30 million, a 4.3% increase from the same month last year, the highest level in three years.
As a result, the number one seller in October alone was the number four seller, a new record set in 2016, according, the report found.
Overall, the market is in the midst of a sustained surge in sales, the NSP report found, noting that the median price of a home sold in the first three months of 2018 was $841,900, compared with $931,600 in October 2018.
Sales increased at an annualized rate of 1.6% from a year ago, the group said.
At the same time, prices are up 5.4% from their previous record lows in October, with the median selling price of $519,200.
A year ago there were a record 1.9 million single-family homes sold, the second highest figure since at least 2006.
The figure is down from 1.8 million in September 2018.
That compares with a median sale price of just under $550,000 last year.
In addition, the median sale prices are down 2.2% from last year’s record low in November, and are down 5.5% from the month before that.
For the first time in seven years, the average sale price has declined for a month, the most since October 2018, the figures show.
The median price for the month is down 2% from October 2018 and the median seller price is down 8.2%.
The number of houses that were sold fell 6.6%.
While the market continued to see the lowest median price in more than a year, prices rose for most other categories, including condos, townhouses and duplexes, the data showed.
On the flip side, there were new highs in the median prices of single- and dupplex homes.
NDP figures show that in October the median market value for single- family homes was $1,914,500, while for duplex homes it was $2,527,300.
The average price for a single-story duplex was $917,800.
Prices for townhouses rose 4.6%, but remained below the average since January 2018, when they hit $1.7 million.
There were more new high sales than new lows, and the number was down 9.7% from September.
According to NSP, prices in the country’s most populous metro areas continued to increase.
Cleveland, Chicago, Detroit, Houston, Indianapolis, New York City, Orlando, San Antonio, Seattle and San Jose saw the highest average sales prices for the third straight month, according the report.
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