Existing-home sales increased last month as buyers
responded to improved housing affordability conditions,
according to the National Association of Realtors®.
Existing-home sales – including single-family home
sales increased 6.2 percent to a seasonally adjusted
annual rate of 4.62 million in September from a pace of
4.35 million in August, and are 3.8 percent above the
4.45 million-unit level a year ago. The median existing
single-family home price was $190,600 in September,
which is 8.6 percent below September 2007.
Total housing inventory at the end of September fell 1.6
percent to 4.27 million existing homes available for sale,
which represents a 9.9-month supply² at the current
sales pace, down from a 10.6-month supply in August.
This marks two consecutive monthly declines since
inventories peaked in July!
Regionally in the Midwest, existing-home sales
increased 4.4 percent to an annual pace of 1.19 million
in September, but are 2.5 percent below a year ago.
The median price in the Midwest was $152,500, which
is 7.9 percent lower than September 2007.
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