The first increase in existing home sales during the last four months was led by sales in the West. Hurricanes likely restrained activity in the South.
Sales of pre-owned single-family houses, townhomes, condominiums and co-operatives during September
were determined to be a preliminary 465,000 units.
Last month’s existing
home sales brought the total for all nine months that have elapsed so far this year to 4.204 million residential units.
The National Association of Realtors, which reported the data Friday, said the seasonally adjusted annual rate of existing home sales was 5.39 million last month. The rate turned higher from 5.35 million in August — when sales had been down each month since May.
But the annual rate of sales retreated from 5.47 million in September 2016. It was the first year-over-year drop since July 2016.
“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” NAR Chief Economist Lawrence Yun stated in the report. “Realtors this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings — especially at the lower end of the market — and fast-rising prices that are straining the budgets of prospective buyers.”
In the West, the seasonally adjusted annual rate was 1.24 million, increasing from August by more than 3 percent — the most of any region. The Midwest’s rate rose less than 2 percent to 1.30 million.
No change in the Northeast left the rate there at 0.72 million.
Sales in the South slipped nearly a percent to 2.13 million. Yun noted that sales were impacted by temporary but notable declines in parts of Texas and South Florida that were hit by Hurricanes Harvey and Irma.
The U.S. inventory of homes for sale expanded to 1.90 million from 1.87 million in August. That worked out to a 4.2-month supply.
Last month’s average price was $286,700, and the median price was $245,100.
