October Existing Home Sales: Up, But Some Buyers Still on the Sidelines

• Existing-home sales climbed 1.9% in October from September to a seasonally-adjusted annual rate of 5.46 million, according to the National Association of Realtors. Sales are up 4.6% from a year ago.
• The median price for existing homes in October was $270,900, up 6.2% from last year. October's price increase marks 92 straight months of year-over-year gains.
• Inventory at the end of October sat at 1.77 million units, down 2.7% from September and 4.3% from a year earlier.

The economy is offering everything it's got — high employment, low interest rates, healthy home price appreciation — and still there's only modest growth in existing home sales. Buyers simply cannot find the homes they want at prices they're willing to pay, and many are sitting on the sidelines instead. Part of the problem is inventory, which fell again in October: A lack of entry-level homes means newcomers to the market can have a hard time getting a foothold. They and other budget-conscious shoppers shy away from prices in many of the country's most populous areas, creating a nation of would-be home buyers who show preternatural patience in waiting for the right home to come along.

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