Last Update: 19-Oct-18 10:33 ET
Existing Home Sales
- Existing home sales declined 3.4% month-over-month in September to a seasonally adjusted annual rate of 5.15 million (Briefing.com consensus 5.30 million), which is the lowest sales level since November 2015.
- Total sales were 4.1% lower than the same period a year ago.
- The median existing home price for all housing types increased 4.2% to $258,100, making for the 79th straight month of year-over-year gains. The median existing single-family home price was $260,500, up 4.6% from a year ago.
- Median home prices by region: Northeast (+4.1% to $286,200); Midwest (+1.9% to $200,200); South (+3.0% to $223,900); and West (+4.1% to $388,500).
- Existing home sales across regions: Northeast (-2.9%); Midwest (unchanged); South (-5.4%); and West (-3.6%).
- Single-family home sales were down 3.4% month-over-month at a seasonally adjusted annual rate of 4.58 million and were 4.0% below the year-ago sales pace.
- The inventory of homes for sale at the end of September decreased from 1.91 million to 1.88 million. The inventory was up 1.1% from a year ago.
- Unsold inventory stood at a 4.4-months supply versus 4.3 months in August. This is below the 6.0-month supply typically associated with a more balanced market.
- 47% of homes sold in September were on the market for less than a month.
- First-time buyers made up 32% of sales in September, up from 31% last month and 29% a year ago.
- All-cash sales made up 21% of transactions in September, up from 20% last month and a year ago.
- The key takeaway from the report is that home sales activity was pressured by the limited supply of lower-priced homes and the affordability constraints presented by higher mortgage rates.
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