Sales of existing homes rose in September, according to the National Association of Realtors, which credits the climb to buyers’ response to improved housing affordability conditions.
Existing-home sales – which includes single-family, town homes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units last month from 4.91 million in August. That is also an increase of 1.4 percent over the 5.11 million-unit pace in September 2007.
“This is the first time since November 2005 that home sales have been above year-ago levels,” said NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif.
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 supply at the current sales pace, which is down from a 10.6-month supply in August, NAR reported. This marks two consecutive monthly declines since inventories peaked in July.
The national median existing-home price for all housing types was $191,600 in September, a drop of 9.0 percent from a year ago when the median was $210,500.
Single-family home sales increased 6.2 percent to a seasonally adjusted annual rate of 4.62 million in September from August’s 4.35 million. The median existing single-family home price was $190,600 last month, which is 8.6 percent below September 2007.
Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 560,000 units in September. The median existing condo price was $199,400 in September, down 10.2 percent from a year ago.
Regionally, existing-home sales in the Midwest increased 4.4 percent to an annual pace of 1.19 million in September, but that is 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.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August.
Tags: , home price, home sales, Midwest
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