US Existing Home Sales Unexpectedly Rebound In September

US Existing Home Sales Unexpectedly Rebound In September

NAR said existing home sales climbed by 0.7% to an annual rate of 5.39 million in September from a rate of 5.35 million in August.

Resales in home south of the border unexpectedly increased in September as the aftermath of Hurricanes Harvey and Irma began to fade, but a persistent shortage of properties to buy and sell continued to weigh on overall activity.

Next Wednesday, the Commerce Department is scheduled to release a separate report on new home sales in the month of September. The number of homes for sale stood at 71,930, a decrease of 7.7 percent compared to the 2016 third quarter. Texas and Florida make up more than 18% of the nation's existing home sales.

That's the second-best number for the third quarter on record, just behind last year's 39,963 over the same period.

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New York State saw the sale of 38,445 during the third quarter, a 3.1 percent drop from one year earlier, according to data from the New York State Association of Realtors (NYSAR).

With surprising but welcome improvement from the Harvey-influenced August report, Houston's September housing market indicators provided positive readings across the board as single-family home sales, total property sales, median and average pricing, total dollar volume and inventory were all up compared to September 2016.

At the current sales rate, it would take 4.2 months to clear inventory, down from 4.5 months a year ago.

Housing inventory across the USA now stands at a 4.2-month supply, according to the latest report from the National Association of Realtors (NAR). Economists view a six-month supply as a healthy balance between supply and demand. This meant that even as sales were higher compared to August, they were down 1.5 percent year-over-year and were the second slowest of the year, trailing only those in August.

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