Existing Home Sales Rise 11 Percent From Last Year

Sales of previously owned homes slipped 1.7 percent in September but remain 11.0 percent above year-before levels, according to data from the National Association of Realtors. Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, fell to a seasonally adjusted annual rate of 4.75 million from an upwardly revised 4.83 million in August. Lawrence Yun, NAR’s chief economist, said the overall trend is upward and, despite month-to-month setbacks, we’re experiencing a genuine recovery. According to Yun, more people are attempting to buy homes and recent price increases are not deterring buyer interest. The national median existing-home price for all housing types was $183,900, up 11.3 percent from a year ago. At the current sales pace, there was a 5.9-month supply of homes available for sale at the end of the month. More here.

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