WASHINGTON–All four regions of the U.S. are showing increases in housing market activity.
The National Association of Realtors reported that sales of existing homes reached the 5.60 million seasonally adjusted annual rate and were up 5.9% from a year ago, which is the highest pace since February 2007.
The national median existing home price for all housing types was $232,200 in October, up 6.0% from a year ago, according to the NAR data.
Meanwhile, all four U.S. regions showed growth in prices from a year ago, with the West leading at 7.8%. The South had an increase of 7.4%, and the Midwest followed with a 5.8% increase. The Northeast had the smallest gain of 2.9% from October 2015.
From September, all four regions experienced increases in sales, with the South having the biggest increase of 2.8%. The Midwest followed with a gain of 2.3%. The Northeast had a gain of 1.4% while the West had the smallest gain of 0.8%.
Moreover, all four regions showed an increase in sales from one year earlier, with the West leading all regions with a 10.4% gain. The Midwest followed with a 6.3% gain. The South had a gain of 4.7% and the Northeast had the smallest increase of 1.4%. The South led all regions in percentage of national sales at 39.6% while the Northeast has the smallest share at 13.4%.