Tuesday, October 21, 2014

Existing Home Sales Saw Uptick in September

Existing home sales improved to a seasonally adjusted annual pace of 5.17 million units, a 2.4% increase from the month prior. Sales declined over the month in the Midwest but grew in the Northeast, South and, especially the West (7.1% SAAR).

Nonetheless, September's sales were down nationally by 1.7% from a year prior. All regions were down except for the South.

The market supply tightened to 5.3 months' inventory.

The median house price decreased to $209,700. However, September's median price was 5.6% higher than the year ago level and grew in each of the four regions.

This data suggests that the housing market is recovering moderately, albeit without robust growth.

Read the NAR report.

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