We just got a look at September existing home sales figures. Total sales fell 3% to a seasonally adjusted annual rate of 4.91 million from 5.06 million in August. That was right in line with the estimates of economists polled by Bloomberg. Single-family sales dropped 3.6%, while condo sales rose 1.8%.
The “months supply at current sales pace” indicator of inventory inched up to 8.5 from 8.4, while the raw number of homes for sale dipped 2% to 3.48 million. Meanwhile, the median price of an existing home fell sharply to $165,400 from $171,200 a month earlier. That was down 3.5% from a year ago.
September was another lackluster month for the housing sector, with used home sales falling slightly and home prices slipping a bit. Tighter lending standards and ongoing weakness in the labor market are combining to cap demand, while an ongoing influx of foreclosed properties is keeping the supply of homes for sale from declining sharply. The result is continued pressure on home pricing, and a stagnant buying climate.
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Mike, have you noticed and heard the politicians talking about spreading the debt of 1.4 trillion over a period of 10 years… what a joke and deception. They allude to fantom thinking that the government will just go on hold for 10 years and continued debts will stop. This vocal savings will not stop the continued debts of running the government and it’s “give away policy”… have we all gone mad and don’t understand that we are sinking into a bottomless pit. With Senators posturing and making statements that they propose a trillion dollar savings over 10 years is absolute smoke and mirrors. What’s wrong with the American People that they don’t understand this. Nor does the media even address this deception ?