Economy: Existing Home Sales During September 2024

Wednesday, October 23, 2024

Existing Home Sales During September 2024

Existing Home Sales report for September 2024 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 3,880,000

Actual: 3,840,000

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Change from Previous Month: -1.03% (-40,000 homes)
Change from A Year Ago: -3.52% (-140,000 homes)

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Inventory: 1,390,000 (4.3 months supply.)

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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.

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Median Price: $404,500
Price Change from A Year Ago: +3.00% (+$11,800)

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Click here for historical prices and a chart.

Click here for New Home Sales Data.

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From Today's Report:

"...'Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,' said NAR Chief Economist Lawrence Yun. 'There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.'

'More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,” Yun said. 'However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low. Distressed property sales accounted for only 2% of all transactions in September.'..."