What Existing Home Sales in September Show Us About Housing Market Recovery

Armen Hareyan's picture
NAR Existing Home Sales September 2015

Sales of previously owned US homes (existing home sales) rose 4.7% in September and stood at an annual pace of 5.55 million units, the National Association of Realtors (NAR) reported Thursday.

The September increase of existing home sales followed a decrease of 5% in August, higher than initially calculated.

In addition, the September figure was higher than the forecasts of analysts, who had expected last month to an annual rate of less than 5.5 million units.

Sales of existing homes rose by 8.8% last year and September is the seventh consecutive month in which the rate was above 5 million units, reflecting the recovery in the housing market.

The average sale price of existing homes in September was $ 221.900, representing an increase of 6.1% over the same month of 2014, according to the report.

In addition, last month the inventory of used homes on the market fell by 2.6% and stood at 2.21 million units, at the current sales pace it would take 4.8 months to exhaust.

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