September Existing Home Sales Take 'Expected' Dip

Julie C. Nichols General

MBANewslink – Mike Sorohan

Existing home sales fell in September, the National Association of Realtors reported yesterday, but not as much as analysts expected. NAR said existing home sales declined by 1.9 percent from a four-year high in August to a seasonally adjusted annual rate of 5.29 million in September from a downwardly revised 5.39 million in August, but were 10.7 percent above the 4.78 million-unit pace a year ago. Sales have remained above year-ago levels for the past 27 months.

The September drop represented “less payback than expected from robust activity over the past two months,” said Mark Vitner, senior economist with Wells Fargo Securities, Charlotte, N.C. The report said single-family home sales slipped 1.5 percent to a seasonally adjusted annual rate of 4.68 million in September from 4.75 million in August, but were 10.9 percent above the 4.22 million-unit pace a year ago. The median existing single-family home price was $199,300 in September, 11.4 percent higher than a year ago.

Existing condominium and co-op sales fell 4.7 percent to an annual rate of 610,000 units from 640,000 in August, but were 8.9 percent above the 560,000-unit level a year ago. The median existing condo price was $198,600 in September, up 14.2 percent a year ago.

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