Existing-home sales beat expectations in September, according to the National Association of Realtors monthly report…(NAR)
- M-O-M: Total existing-home sales jumped 7.0% from August to a seasonally adjusted annual rate of 6.29 million in September.
- Y-O-Y: Total sales, however, on an annual basis were down 2.3% from a year ago.
BEAT THE STREET: Economists had projected a smaller increase of 3.6% to 6.09M
SINGLE-FAMILY STATS: Single-family home sales were up 7.7% from August but down 3.1% from one year ago. The median existing single-family home price was up 13.8% to $359,700.
Continuing the trend we have seen all year, inventory levels were down and prices were up in September…
- Total housing inventory, 1.27 million units, was down 0.8% from August and down 13.0% from one year ago.
- The median existing-home price was up 13.3% year-over-year to $352,800. This marks 115 straight months of year-over-year increases.
Regionally, the South lead in all categories with sales jumping 8.6% (2.77M) and the median price of a home was up a whopping 14.8% ($307,5000) in September.
- Looking at sales, the West came in second with a month-over-month gain of 6.5% (1.31M) followed by the Northeast (+5.5% 770k) and the Midwest (+5.1% 1.44M).
- Looking at price appreciation, the Northeast was number two with year-over-year gains of 9.2% ($387,200) followed by the Midwest (+9.1% $263,500) and the West (+8.3% $506,300)
Lawrence Yun, NAR’s Chief Economist, said that despite supply-chain issues, he is optimistic about inventory levels…
- “As mortgage forbearance programs end, and as homebuilders ramp up production – despite the supply-chain material issues – we are likely to see more homes on the market as soon as 2022”