As reached its highest point since 2006, sales of existing homes declined modestly in September, according to data released Friday by the National Association of Realtors (NAR).
Single-family home sales declined 1.9 percent to a seasonally adjusted annual rate of 4.21 million in September from 4.29 million in August. Still, existing-home sales were 10.8 percent higher than the 3.80 million-unit level in September 2011, and the median existing single-family home price reached $184,300 in September, up 11.4 percent from a year ago.
Overall sales of existing homes (including single-family homes as well as condos and co-ops) fell 1.7 percent to 4.75 million in September from an upwardly revised 4.83 million in August, but are 11.0 percent above the 4.28 million-unit pace in September 2011. The national median existing-home price for all housing types reached $183,900 in September, up 11.3 percent from a year ago. The last time there were seven consecutive monthly year-over-year increases was from November 2005 to May 2006, the NAR noted.
Lawrence Yun, NAR chief economist, said the market trend is up. "Despite occasional month-to-month setbacks, we're experiencing a genuine recovery," he said. "More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West."
