Esisting Home Sales Decline in September; Prices UpOctober 19, 2012 @ 10:06 AM EST
Housing Update: Existing Home Sales
The National Association of Realtors reports that Existing Home Sales for the month of September fell by 1.7%.
On a year-over-year comparison basis, sales were up 11%, which was the 15th straight month that sales increased on a year-over-year basis.
Sales were reported at an annualized rate of 4.75 million units, which was in line with the estimate for a rate of 4.75 million units and below month’s 4.82 million units (August: 4.47 million).
Median prices of all homes are up +11.3% on a year-over-year level to $183,900.
However, it has been noted that the reason for the increase in median prices has more to do with the number of distressed properties going down as opposed to overall prices going up.
The report also notes that there is a 5.9 month supply of homes on the market vs. 6.1 month supply last month and 6.6 the month prior.
CNBC noted that this was the first time that the amount of supply on the market (2.32 million homes) was below the 6.0 month mark since 2006.
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