Existing Home Sales Up Only Slightly In September

Existing Home Sales Up Only Slightly In September

Existing Home Sales Up Only Slightly in September

A digest of facts and useful info for September existing home sales follows:

(Source:  National Association of REALTORS® (NAR))

  • Sales up 0.7%,

  • Total sales 5.39 million,

  • 1.5% less than one year prior,

  • Total inventories up 1.6% to 1.90 million,

  • But 6.4% below last year, same period,

  • Inventory in September stood at a 4.2 month supply,

  • 5 days less than prior year period,

  • Average time-on-market was 34 days,

  •  48% of homes sold in less than one month,

  • Areas in Southern California, Seattle, and Salt Lake City led with average DOM of 30 to 36 days,

  • Number of homes for sale down 9% year-over-year; but prices up 10%

  • This may indicate that buyers may be reaching their limit for purchase.

Additionally:

  • Sales remain at the lowest levels of the year and are not showing signs of strengthening in spite of high levels of buyer interest.

  • This is attributed to the same factors for the year so far,

    •  Lack of listings, especially low-end homes,

    •  Continuingly raising prices, straining buyers’ ability to purchase,

  • Rate of price increases has slowed somewhat ; up 4.2% over last year,

  • Median existing-home prices for all types; up 4.2% at $245,100,

  • Single family (SF) at $246,000 and condos at $231,300,

  • Continuation of this trend should help would-be buyers.

Other Useful Information:

  • 20% of sales were all cash,

  • 15% by individual investors,

  • 4% were distressed sales,

  • 29% were first-time buyers, down from 31% in August,

  • 67% of renters believe now is a good time to buy; but ever rising prices have made buying quite difficult for them,

  • SF existing-home sales were 4.79 million up 1.1%,

  • Up 1.1% over August but, a 1.2% decline year-over-year from 4.85 million,

  • Existing-condo & co-op sales were 600,000 down 1.6% from August and 3.2% one year prior.

  • Home sales in Florida and Texas have been and will continue to draw down the numbers somewhat; but should be temporary.


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Dated: October 23rd 2017
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