Economy

Existing Home Sales Rose for First Time in 4 Months in September

Existing Home Sales Rose for First Time in 4 Months in September”

Sales of existing U.S. homes rose in September compared with August, but remained relatively tepid due to limited housing supply and high prices, the National Association of Realtors said Friday.

US existing-home sales in September were at a seasonally adjusted annual rate of about 5.39 million, up 0.7% compared with August and up 1.5% compared with September 2016, according to the National Association of Realtors.

Cerberus SFR Holdings purchased 20 properties in September, up from no purchases in the previous month and a year ago.

"As long as we have a housing shortage, this will lead to affordability issues", NAR chief economist Lawrence Yun said.

"Sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida - hit by Hurricanes Harvey and Irma - saw temporary, but notable declines", Yun added.

United States home resales unexpectedly increased in September as the effects of Hurricanes Harvey and Irma began to dissipate, but a persistent dearth of properties for sale continued to weigh on overall activity.

"That it is hard to sell properties you can not get to should have surprised no one", Naroff added.

Overall housing stocks for sale rose 1.6 percent to 1.9 million existing homes at the end of September - but that is still 6.4 percent below the level a year ago.

The report said existing home sales in the West surged up by 3.3%, and existing home sales in the Midwest jumped by 1.6%. While housing inventory grew from a 3.9-month supply to 4.1 months year-over-year, it was down compared to the 4.4-month supply immediately preceding Harvey's arrival.

Existing condominium and co-op sales decreased 1.6 percentage points to a SAAR of 600,000 units, 1.6 percentage points lower than a year ago. Total active listings, or the total number of available properties in the marketplace, rose 7.4 percent from September 2016 to 40,848.

Distressed sales were 4% of the total in September, unchanged from both August and a year ago. The average price increased 5.4 percent to $291,767.

Median price: $215,100, a 4.6 percent year-over-year increase.

Median price: $362,700, a 5.0 percent year-over-year increase. August's sales pace was unrevised.



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