The NAR reported that existing home sales were unchanged for September [Marketwatch] at the annual seasonally adjusted rate of 7.28 million homes, the second highest in history. The hurricanes prompted a sharp increase in purchases outside the damaged regions which offset weaker sales levels in other regions.

The median sales price of a US existing home was $212,000, up 13.4% over the prior year. Inventory increased 0.3% to 2.85 million or a 4.7% supply. The NAR interprets inventory as still “relatively lean.” I am a big fan of the charts churned out by Calculated Risk, and once again they have created an excellent graphic – this time covering inventory.

So existing homes sales, which is about 10x the number of new housing starts and therefore more telling of the overall housing market condition, was at a record level but did not see gains. At the same time, rising inventory appears to be gaining momentum. This should temper price appreciation in the coming months.

Other Related
Existing Homes: Sales Strong, Inventories Rise Seasonally [Calculated Risk]
Sept existing home sales flat [Reuters]


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