Economy: Existing Home Sales

Tuesday, October 22, 2019

Existing Home Sales - September 2019

The Existing Home Sales report for September 2019 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 5,440,000
Actual: 5,380,000

Change from Previous Month: -2.182% (-120,000 homes)
Change from One Year Previous: +3.861% (+200,000 homes)

==========

Inventory: 1,830,000 (4.1 months supply)

==========

The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

------------------------------------------------------

Median Price for A Used Home During September 2019: $272,100

Change from One Year Previous: +5.917% (+$15,200)

---------

Average Price for A Used Home During September 2019: $308,500

Change from One Year Previous: +4.223% (+$12,500)

------------------------------------------------------

==========

Click here for historical prices and a chart.

==========

From Today's Report:

"...Existing-home sales receded in September following two consecutive months of increases, according to the National Association of Realtors®. Each of the four major regions witnessed sales drop off last month, with the Midwest absorbing the brunt of those declines.
Lawrence Yun, NAR’s chief economist, said that despite historically low mortgage rates, sales have not commensurately increased, in part due to a low level of new housing options. 'We must continue to beat the drum for more inventory,' said Yun, who has called for additional home construction for over a year. 'Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.'

'For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country,' said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. 'These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.'

'Mortgage rates under 4% are amazingly attractive for homebuyers,' said Yun. 'The rise in foot traffic as evidenced by the open rates of SentriLock key boxes shows growing buyer interest.'..."