U.S. home sales rose in October, breaking a six-month losing streak. But sales are still down from a year ago, hurt by rising interest rates. The National Association of Realtors says that sales of existing homes climbed 1.4 percent to a seasonally adjusted annual rate of 5.22 million last month from 5.15 million in September. But the October sales were still down 5.1 percent from a year earlier, the largest annual drop since July 2014. “No way is the housing market on solid ground at the moment,” says Lawrence Yun, the association’s chief economist. He blamed a sharp increase in mortgage rates over the past year. October sales were up in three of four U.S. regions. Only the Midwest recorded a drop in sales last month.
In metro Detroit existing home sales dropped 3-percent in October compared to last year.
The median sale price was up 2-percent year over year.
ReMax reports the median sale price in SE Michigan is 205-thousand dollars.