Keeping you up to date on the latest data releases.
Existing single-family home sales dropped 2.0 percent in October following consecutive gains of 7.1 percent in August and 10.0 percent in September. The current sales rate of 3.9 million annual units puts year-over-year growth at −25.6 percent, back down to its level in July and the lowest since June 1982. However, this year-over-year comparison pits current sales figures next to the surge prior to last year’s initial homebuyer tax credit deadline. National Association of Realtors chief economist, Lawrence Yun, says “sales activity is clearly off the bottom” and should “steadily improve to healthier levels by spring of next year,” despite an uneven recovery. NAR President Ron Phipps adds that several factors are restraining recovery, including overly tight credit and a large share of inaccurate (low) appraisal valuations which have caused many sales to be cancelled or postponed. Inventory of existing single-family homes for sale declined 2.4 percent in October, and months’ supply remained elevated but unchanged at 10.1 months.