Note September data below is the most recent available from the National Association of Realtors®.
Data from the National Association of Realtors® (NAR) shows that -- following three consecutive months of dips -- sales of existing homes rose slightly in September, but continuing inventory shortages and recent hurricanes put a damper on activity, causing sales to retreat on an annual basis.
Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops) climbed 0.7% to a seasonally adjusted annual rate of 5.39 million in September from August's 5.35 million. Last month's sales pace is 1.5% slower than a year ago.
NAR's chief economist, Lawrence Yun, said closings registered a small gain in September, but fell on an annual basis for the first time in over a year. “Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” Yun said. He added, “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”
