Having slipped 4.8 percent over the past two months, the seasonally adjusted pace of existing-home sales in the U.S. rebounded 3.2 percent to an annual rate of 5.47 million sales in September, which is 0.6 percent higher versus the same time last year.
At the same time, the median resale price for the existing homes that traded hands slipped another 2.5 percent ($6,000) from the month before but remains 5.6 percent higher versus the same time last year ($221,700) while the inventory of unsold homes on the market ticked up 1.5 percent to 2.04 million homes at the end of September but remains 6.8 percent lower on a year-over-year basis (as opposed to 27 percent higher in San Francisco).
In the West, the pace of existing-home sales jumped 5.0 percent from August to September and is now 1.6 percent higher versus the same time last year.