Keeping you up to date on the latest data releases.
- Existing Home Sales
The housing market continues to give mixed signals, as existing home sales expanding last month with the help of falling home prices. Existing single-family home sales grew for a second straight month in September, rising 10.0 percent after a 7.1 percent increase in August. The annual sales pace was boosted from 3.6 million units to 4.0 million, still a glaring 19.5 percent below the year-ago pace due to the buying buildup prior to the initial tax credit deadline last November. The inventory of existing single-family homes for sale dropped 3.4 percent to 3.38 million units, allowing months’ supply to relax slightly, from 11.6 months in August to a still sky-high 10.2 months in September. The current months’ supply sits well above the 7.6 months’ supply recorded one year ago and higher than averages for any of the past three years. Meanwhile, the median sales price took a 3.1 percent hit over the month, putting prices 1.9 percent below last year’s levels. September marked a third consecutive decrease in prices.