Skip to main content

Existing-Home Sales Up Slightly in September

Phil Hall
Oct 20, 2017
Total existing-home sales declined by 1.8 percent in June to a seasonally adjusted annual rate of 5.52 million from 5.62 million in May

After three months of decline, existing-home sales managed to inch up by 0.7 percent to a seasonally adjusted annual rate of 5.39 million in September from 5.35 million in August, according to new data from the National Association of Realtors (NAR). Last month’s sales pace was down on a year-over-year basis by 1.5 percent below a year ago and is the second slowest over the past year.    
 
NAR reported the median existing-home price for all housing types in September was $245,100, up 4.2 percent from the $235,200 level one year earlier. September’s price increase marks the 67th straight month of year-over-year gains.
 
Also on the rise was the total housing inventory, up 1.6 percent in September to 1.90 million existing homes available for sale. But the inventory level is 6.4 percent lower than a year ago (2.03 million) and has fallen year-over-year for 28 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.5 months a year ago. First-time buyers were 29 percent of sales in September, which is down from 31 percent in August, 34 percent a year ago and matches the lowest share since September 2015.
 
“A continuation of last month’s alleviating price growth, which was the slowest since last December (4.5 percent), would improve affordability conditions and be good news for the would-be buyers who have been held back by higher prices this year,” said NAR Chief Economist Lawrence Yun, who added that the damage from Hurricanes Harvey and Irma resulted in “temporary but notable declines” that diluted overall sales data.
Published
Oct 20, 2017
Finance of America To Acquire Assets of AAG

The transaction is expected to close in the first half of 2023.

Industry News
Dec 07, 2022
Fairway Offers Down Payment Assistance To Some First-Time Buyers

The Fairway Community Access program is limited to specific majority-minority communities.

Industry News
Dec 07, 2022
RMF: Payments Going Out In The Next 24 Hours

Company filed for Chapter 11 bankruptcy last week.

Industry News
Dec 06, 2022
Bankruptcy Court Approves RMF Requests

Payments to reverse mortgage borrowers to resume.

Industry News
Dec 05, 2022
Redfin Adds Zoning Data For More Than 70M Homes

Real estate brokerage teamed with Zoneomics to educate buyers on zoning implications.

Industry News
Dec 05, 2022
Guild Mortgage Acquires Inlanta Mortgage

Guild CEO says acquisition is part of broader plans to expand nationwide.

Industry News
Dec 02, 2022