Home Sales Pace Summary

Existing home sales in September dropped another 1.2% totaling a whopping 10% overall drop since end of August.

The seasonally-adjusted annual rate of 4.97 million homes is the lowest seen by the National Association of Realtors since they began tracking the combined sales of single-family units + condos in 1999.

The largest drop in home sales in October (versus sales in September) was seen in the West which fell 4.4%. Sales dropped 1.7% in the Midwest and remained flat in the Northeast and South.

Consistent with last month’s report, an annual comparison is even worse. The West is down over 33%, South almost 20%, Midwest close to 17% and the Northeast down 12.6%. Nationally, the overall annual sales pace is down 20.7% and those figures are seasonally adjusted.

Price Appreciation

The median average sales price in October (this figure is not seasonally adjusted) was $207,800. Meaning that half the sales prices were above, half were below that figure. This represents a 5.1% loss in the median price compared to October last year.

Only the Northeast showed a net gain (again, not seasonally adjusted), coming in with a median price of $258,700 in October, up 1.3% from that time last year.

Inventory

Home inventory in October hit a record high of 10.8 million units with priced dropping 5.1% compared to September. Again, consistent with last month’s report, it would take almost 11months to sell the current housing inventory.

Source: www.realestateabc.com