Thursday, October 20, 2011

Existing Home Sales Fell 3% in September

Existing homes sold at an annualized pace of 4.91 million units in September, 3% lower than the pace seen in August, according to a National Association of Realtors report released this morning. However, the pace remains higher than levels seen from May through July and slightly above the six month average of 4.88 million units.

In September, supply on the market remains lower than we have seen throughout the first half of the year. This may be due in part to a shrinking number of homes listed for sale.

Home prices are down 3.5% year-over-year, slightly worse than the same comparison in August.

Read the report.

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