In last month’s report from the NAR, existing-home sales jumped 9.4 percent to an annual rate of 5.57 million units in September from a level of 5.10 million in August. Sales activity was at the highest level since hitting 5.73 million annualized units in July 2007. Total housing inventory at the end of September fell 7.5% to 3.63 million existing homes available for sale, which represented an 7.8-month supply. The national median existing-home price for all housing types was $174,900 in September.
In this month’s report, existing-home sales surged 10.1% to an annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September. Sales activity is at the highest pace since February 2007 when it hit 6.55 million. Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, less than the revised for the worse 8.0-month supply which was reported in September. The national median existing-home price for all housing types was $173,100 in October, down 7.1 percent from October 2008.
Existing-home sales – including single-family, townhomes, condominiums and co-ops –surged 10.1% to a seasonally adjusted annual rate of 6.10 million units in October s from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008.
Sales activity is at the highest pace since February 2007 when it hit 6.55 million.
Single-family home sales rose 9.7 percent to a seasonally adjusted annual rate of 5.33 million in October from a pace of 4.86 million in September, and are 21.4 percent above the 4.39 million-unit pace in October 2008. The median existing single-family home price was $173,100 in October, down 6.8% from a year ago.
Existing condominium and co-op sales surged 13.2% to a seasonally adjusted annual rate of 770,000 units in October from 680,000 in September, and are 40.8% above the 547,000-unit level a year ago. The median existing condo price4 was $172,900 in October, which is 10.4% below October 2008.
Regionally, existing-home sales in the Northeast rose 11.6% to an annual level of 1.06 million in October, and are 27.7% higher than October 2008. The median price in the Northeast was $235,400, down 2.6% from a year ago.
Existing-home sales in the Midwest surged 14.4 percent in October to a pace of 1.43 million and are 28.8% above a year ago. The median price in the Midwest was $146,600, a gain of 1.1% from October 2008.
In the South, existing-home sales rose 12.7 percent to an annual level of 2.30 million in October and are 25.7 percent higher than October 2008. The median price in the South was $151,100, down 6.3 percent from a year ago.
Existing-home sales in the West increased 1.6% to an annual rate of 1.31 million in October and are 12.0% above a year ago. The median price in the West was $220,200, which is 14.7% below October 2008.
Total housing inventory at the end of October fell 3.7% to 3.57 million existing homes available for sale, which represents a 7.0-month supply2 at the current sales pace, down from an 8.0-month supply in September. Unsold inventory totals are 14.9% below a year ago.
The national median existing-home price for all housing types was $173,100 in October, down 7.1% from October 2008. Distressed properties, which accounted for 30% of sales in October, continue to downwardly distort the median price because they usually sell at a discount relative to traditional homes in the same area.
Tags: current sales, home price, homes available for sale, traditional homes
