Existing home sales fall 1.7 percent in September, up 11.0 percent year-over-year
The National Association of Realtors’ September report posted yearly gains for existing home sales and median home price, as diminished inventory put the market “supply” at the lowest level since March 2006.
Home resales fell 1.7 percent from August, but remained up 11.0 percent from September 2011. The median sales price also posted double-digit yearly gains, up 11.3 percent to an average of $183,900.
The nation’s inventory of homes fell 3.3 percent to 2.32 million, which represents a 5.9 month supply. A normal market supply is about 6 months. During the housing collapse, the market flooded to 18 months of inventory, as home prices and values plummeted.
The tightened supply could contribute to a rise in home construction.
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