The pace of seasonally adjusted existing-home sales in the U.S. fell 1.7 percent from 4.83 million in August to a 4.75 million pace in September but remains 11.0 percent above the 4.28 million unit pace recorded in September 2011.
Total housing inventory at the end of September fell 3.3 percent to 2.32 million existing homes actively on the market, a 5.9 month supply, down from a 6.0 month supply in August and versus an 8.1 month supply in September 2011. Keep in mind that on a national level, around six months of inventory has historically been considered to be a “balanced” market.
The median sale price for existing-homes fell 1.9 percent in September from $187,400 to $183,900, up 11.3 percent year-over-year as distressed sales accounted for 24 percent of sales volume, up two points from August, down six points versus September 2011.
Existing-home sales in the west fell 3.4 percent from August to September, up 0.9 percent on a year-over-year basis with a median sales price that’s up 18.4 percent year-over-year.
∙ September Existing-Home Sales Down, Prices Improve [realtor.org]
∙ Existing U.S. Home Sales Pace Hits Two-Year High In August [SocketSite]