Monday, October 21, 2013

Existing Home Sales Declined 1.9% in September

According to the National Association of Realtors, existing home sales declined 1.9% in September to an annual pace of 5.29 million units. August’s pace was revised down to 5.39, the same pace as July. However, September’s pace is coming off of the highest level in almost four years in July and August.

The details of the report were mixed. All regions declined, but the West, which increased 1.6% from the previous month. The Midwest reported the largest decline at 5.3%. All regions posted gains from year ago levels.

NAR chief economist Lawrence Yun attributed the decline to, “Expected rising mortgage interest rates [which] will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.”

Housing inventory rose slightly from 4.9 months in August to 5.0 months in September.

The national median existing –home price was $199,200, below the average vales the previous two months, but still 11.7% above year ago levels.

Read the NAR release.

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