NAR released a summary of existing-home sales data showing that housing market activity this September rose modestly 0.7 percent from last month but slipped 1.5 percent from last year. September’s existing home sales reached 5.39 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $245,100 in September, up 4.2 percent from a year ago. This marks the 67th consecutive month of year over year gains.
Regionally, all four regions showed growth in prices from a year ago, with the Midwest leading all regions with an incline of 5.4 percent. The West had a gain of 5.0 percent followed by the Northeast with a gain of 4.8 percent. The South had the smallest gain of 4.6 percent from September 2016.
From August, two of the four regions experienced gains in sales while the Northeast remained flat. The West inclined 3.3 percent. The Midwest rose 1.6 percent. The South had the only drop of 0.9 percent.
Three of the four regions showed a decline in sales from a year ago while the West was flat. The Northeast had a drop of 1.4 percent. The Midwest had a decline of 1.5 percent. The South had the biggest drop in sales of 2.3 percent. The South led all regions in percentage of national sales, accounting for 39.5 percent of total, while the Northeast had the smallest share at 13.4 percent.
September’s inventory figures are up 1.6 percent from last month to 1.90 million homes for sale. Inventories are down 6.4 percent from a year ago, marking 28 months of year over year declines. It will take 4.2 months to move the current level of inventory at the current sales pace. Transactions are moving faster and it takes approximately 34 days for a home to go from listing to a contract in the current housing market, down from 39 days a year ago.
In September, single-family sales increased 1.1 percent and condominiums sales declined 1.6 percent compared to last month. Single-family home sales dipped 1.2 percent and condominium sales were down 3.2 percent compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 4.2 percent at $246,800 and condominiums up 4.1 percent at $231,300 from September 2016.