Existing Home Sales and Prices Decrease Slightly

Existing home sales decreased 1.7% in September from August, but were up 11.0% from the same period a year ago. The National Association of Realtors (NAR) reported that September 2012 total existing home sales were at a seasonally adjusted rate of 4.75 million units combined for single-family homes, townhomes, condominiums and co-ops. That compares to an upwardly revised 4.83 million units in August and 4.28 million units during the same period a year ago.

The September 2012 level of single-family existing sales decreased to a seasonally adjusted 4.21 million sales, down 1.9% from a revised 4.29 million sales in August, but up 10.8% from 3.80 million units during the same month a year ago. Seasonally adjusted condominium and co-op sales remained unchanged at 540,000 units in September 2012 after an upward revision to August sales. This level is up 12.5% from the 480,000 units a year ago.

The total housing inventory at the end of September decreased 3.3% from the previous month to 2.32 million existing homes for sale. At the current sales rate, the September 2012 inventory represents a 5.9-month supply which is down from a revised 6.0-month supply in August, and very much improved from the 8.1-month supply of homes a year ago. NAR reported 24% of September 2012 sales were distressed, defined as foreclosures and short sales sold at deep discounts. This level was up from 22% in August, and down from 30% a year ago. The median sales price for existing homes of all types in September 2012 was $183,900, down from a revised $184,900 in August, but up 11.3% from $165,300 during the same period a year ago.

In September 2012, all cash sales increased to 28% of transactions from 27% in August, but were down from 30% during September a year ago. Investors accounted for 18% of September 2012 home sales, unchanged from August and down from 19% in September a year ago. First-time buyers accounted for 32% of September 2012 sales, up from 31% in August and unchanged from the same period a year ago.

The August 2012 Pending Home Sales Index decreased 2.6%.  So it was expected that existing home sales would decrease in September. Next month’s existing sales are expected to remain consistent with the pattern between existing home sales and the Pending Home Sales Index

8 Responses to Existing Home Sales and Prices Decrease Slightly

  1. […] Improved year-over-year existing home sales suggest a stronger demand for remodeling as well. Today’s PHSI release comes out on the same day that the NAHB Remodeling Market Index (RMI) reached 50, the highest level since the third quarter of 2005. […]

  2. […] Improved year-over-year existing home sales suggest a stronger demand for remodeling as well. Today’s PHSI release comes out on the same day that the NAHB Remodeling Market Index (RMI) reached 50, the highest level since the third quarter of 2005. […]

  3. […] role played by all-cash sales. In its latest release, the National Association of Realtors (NAR) revealed that all-cash sales of existing homes rose by 1.0 percentage point to 28% between August 2012 and […]

  4. […] Existing homes sales, as reported by the National Association of Realtors (NAR), decreased 1.7% in S…, but are up 11% from the same period a year ago. NAR reported that September  total existing home sales were at a seasonally adjusted rate of 4.75 million units combined for single-family homes, townhouses, condominiums and co-ops. That compares to an upwardly revised 4.83 million units in August and 4.28 million units during the same period a year ago. […]

  5. […] within the overall economy. After reaching a low, many housing market indicators including starts, sales, and prices now indicate that the housing market is beginning to recover. However, the Chairman […]

  6. […] within the overall economy. After reaching a low, many housing market indicators including starts, sales, and prices now indicate that the housing market is beginning to recover. However, the Chairman […]

  7. […] the overall economy. After reaching a low, many housing market indicators including starts, sales, and prices now indicate that the housing market is beginning to recover. However, the Chairman […]

  8. […] condominiums and co-ops. That compares to a downwardly revised 4.69 million units in September (which was previously reported as 4.75 million), and 4.32 million units during the same period a year ago. NAR reported that most October […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: