Ekonomické zprávy
23.10.2024

U.S. existing-home sales fall 1.0 per cent in September

The National Association of Realtors (NAR) announced on Wednesday that the U.S. existing home sales fell by 1.0 per cent m-o-m to a seasonally adjusted rate of 3.84 million in September from an upwardly revised 3.88 million (from 3.86 million) in August. 

Economists had forecast home re-sales decelerating to a 3.84 million-unit pace last month.

In y-o-y terms, existing-home sales dropped 3.5 per cent in September.

According to the report, three out of four major regions - the Northeast (-4.2 per cent m-o-m), Midwest (-2.2 per cent m-o-m) and South (-1.7 per cent m-o-m) - recorded decreases in existing-home sales on a m-o-m basis, while the West (+4.1 per cent m-o-m) posted a gain.

In y-o-y terms, existing-home sales fell in the Northeast (-6.1 per cent), South (-5.5 per cent) and Midwest (-5.3 per cent) but rose in the West (+5.6 per cent m-o-m).

Over the reviewed period, the median existing-home price for all housing types jumped 3.0 per cent y-o-y to $404,500, reflecting increases in prices in all four U.S. regions. This was the 15th straight month of year-over-year advances in median existing-home price.

Single-family home sales came in at a seasonally-adjusted annual rate of 3.47 million in September, down 0.6 per cent m-o-m and 2.3 per cent y-o-y. Meanwhile, existing condominium and co-op sales were registered at a seasonally-adjusted annual rate of 370,000 units in September, down 5.1 per cent m-o-m and 14.0 per cent y-o-y.

Commenting on the latest data, Lawrence Yun, NAR chief economist, noted that home sales had been essentially stuck at around a four-million-unit pace for the past 12 months but the factors usually associated with higher home sales were developing. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy,” he added and suggested that some consumers might be hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.

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