• October existing home sales grew 2 percent from September, to 5.48 million units (SAAR), the strongest showing since June but still down 0.9 percent from a year ago.
• The median price for existing homes sold in October was $247,000, up 5.5 percent from October 2016 and the 68th straight month of year-over-year gains.
• Inventory of home for sale fell 3.2 percent from September and 10.4 percent from a year ago, the 29th straight month of declining inventory.

It has been an eventful past couple months as the housing market has absorbed and bounced back from a string of deadly and destructive storms. But late-summer action aside, the housing market largely remains stuck in the same, predictable rut it has been in for the past two years or so: Demand is high, inventory is low and nothing short of a dramatic shock – which nobody expects – seems likely to knock it off that track. Selection is slim across the board, driving up prices, but even more so for those seeking less expensive and entry-level homes. Currently, roughly half of what’s available to buy is priced in the upper one-third of home values, leaving scant options for those aging millennials and young families trying to get their foot in the door. And the problem could get worse before it gets better if certain changes to laws governing capital gains tax exclusions are passed as part of broader tax reform efforts. These changes would require homeowners to live in their homes longer prior to selling, or else be subject to additional taxes on the proceeds of their sale. Asking would-be sellers to wait an extra year or two before listing their home for sale won’t help the overall inventory situation, and betting on builders to dramatically ramp up their efforts more than they’ve proven able to over the past few years feels like a long shot. So expect 2018 to look a lot like 2017. Yes, it could be much worse – but it could also be a lot better.