The figures for both sales and median price for existing homes in October nationwide were higher than the 10-year October average, or the average of that data from the previous 10 Octobers, according to the National Association of Realtors. The number of existing homes sold in the U.S. totaled about 5.26 million in October, coming in just ahead of the 10-year October average of about 5.2 million. The Midwest and South experienced a similar trend with existing home sales, while October's existing home sales figures for the West and Northeast were below the 10-year October average.
Meanwhile, the median price of existing homes in the U.S. for October 2014, reported at about $208,000, was higher than the 10-year nationwide October average of about $191,000. The median price in October was higher than the 10-year average in all regions except the Northeast. While year-over-year median existing home price data shows prices generally struggling from 2006 to 2011, prices have improved in the last three years, although the growth rate for existing median home price has decelerated over the past year.
Consumer sentiment hit yet another post-recession high in November, reflecting increased confidence in personal finances and the labor market heading into the holiday spending season. The Thomson Reuters/University of Michigan consumer sentiment index saw its fourth straight monthly gain last month, climbing to a reading of 88.8. The final index fell in between October's final value of 86.4 and a mid-month reading of 89.4 and was once again at the highest level since July 2007.