Market Overview

Existing Home Sales Rise, Beat Forecast

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The National Association of Realtors released September existing home sales, showing an annualized rate of 5.17 million units sold, versus expectations of 5.1 million and the highest reading in over a year.

Sales of existing single-family homes rose 2 percent to 4.56 million in September from the prior month, which was also the fastest pace in a year. Purchases of multi-family properties increased 5.2 percent to 610,000.

The median price of an existing home rose to $209,700, a 5.6 percent increase from last year, with the South showing the largest advance. Previously owned homes on the market rose to 2.3 million, a 6 percent increase. This represents a 5.3 month supply at current sales rates, better than last month's 5.5 month reading.

Shares in the Homebuilders ETF (NYSE: XHB) were higher by 1.5 percent at $30.46.

Posted-In: The National Association of RealtorsNews Econ #s Markets

 

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