Economy

Pending home sales stall again in September

Pending home sales stall again in September”

A single family home is shown with a sale pending in Encinitas, California May 22, 2013.

Pending home sales in the USA were unexpectedly flat in the month of September, according to a report released by the National Association of Realtors on Thursday.

Thesuowest reading in almost three years since it hit 104.7 in January 2015.

Compared to one year ago, pending sales fell 3.5 percent overall and there were annual declines across all four of the nation's regions. That's down 3.5 percent from previous year.

The South saw declines of 2.3 percent in September, which the NAR largely attributed to the effects of Hurricanes Harvey and Irma.

Economists polled by Reuters had forecast pending home sales edging up 0.2 percent last month. Existing sales were down notably on an annual basis in the price range below $250,000, but up solidly the higher up the price bracket.

NAR said its pending home sales index came in at 106.0 in September, unchanged from a downwardly revised reading for August.

"Buyers looking for a little relief from the stiff competition from over the summer may unfortunately be out of luck in the coming months", Yun says. In the Midwest the index climbed 1.4% to 102.9 in September, but remains 2.5% lower than September 2016.

He added the situation will likely be further exacerbated as inventory starts to decline heading into the winter months.

All but one of the four major regions in the US saw increases in the PHSI in September, with the Northeast up 1.2 percent to 94.5, the Midwest up 1.4 percent to 102.9 and the West up 1.9 percent to 102.7.



Like this

Latest


27 October 2017
Murder, Ohio Co. bank robbery possibly linked
According to media reports, Carter and Haynes were being sought in connection to a homicide that occurred Thursday in Caneyville. Authorities were called to a home on Morgantown Street in Caneyville where 29-year-old James Parks was found shot to death.

27 October 2017
Cowboys release Kellen Moore as Cooper Rush becomes backup QB
Moore was previously cut during final roster cuts in September, but when Rico Gathers went down with an injury, he was re-signed. The Cowboys used the roster spot opened by the Moore transaction to sign tight end Blake Jarwin from their practice squad.

27 October 2017
Detroit Red Wings Fall to Tampa Bay Lightning on the Road
Stamkos went into the night leading the NHL in points (20) with three goals and a league-best 17 assists. Stamkos now has 214 power play points, passing Brad Richards for third on the all-time franchise mark.

27 October 2017
Alonso confirmed for 2018 Rolex 24 at Daytona
Adding to this, McLaren chief executive Zak Brown said he was confident Alonso would be competitive in the LMP2 auto . United Autosports is a successful GT and sports vehicle racing team based in Leeds, West Yorkshire, United Kingdom.

27 October 2017
Trump names Treasury official to be acting IRS commissioner
Kautter will still perform his Treasury Department duties while overseeing the IRS, according to Treasury Sec. Mark Walker, R-N.C., the chairman of the Republican Study Committee.

27 October 2017
NRL responds to police inquiry
NRL CEO Todd Greenberg said the results of the investigation should give people confidence in the integrity of the sport. They also executed 59 search warrants, gaining access to bank accounts, TAB accounts and phone data.

27 October 2017
Ex-RBA Governor joins Macquarie
Net operating income rose 3.4 per cent to $5.4 billion as performance fees more than tripled to $537 million. But the profit contribution from its commodities and global markets arm fell 23 per cent during the period.

27 October 2017
The Queensborough Bridge is now closed in both directions
On Twitter, the City of New Westminster said all schools in the Queensborough area have been closed as a result of the outage. In the meantime, drivers are advised to find alternate routes, but expect heavy congestion due to the diverted traffic.

27 October 2017
Tragic Drug Death: Eric Bolling Son Opioid Overdose Ruled An Accident
Eric Chase Bolling, 19, was found dead in an apartment in Boulder, Colo., on September 9, the city coroner's office said. The 19-year-old was a student at the University of Colorado and was studying economics and a member of a fraternity.

27 October 2017
Canada's Saputo to buy Aussie dairy firm Murray Goulburn for $488 mln
Fonterra confirmed last month that it had made an indicative, non-binding proposal to the board of Murray Goulburn. Saputo says the acquisition of Murray Goulburn will "add to complement" its dairy division's activities.



Recommended