U.S. Home Sales Fell 1.7% in September

by San Antonio Attorney

Home sales decreased month-over-month in September while inventory is tightening up, based on a recent report by the National Association of Realtors (NAR).

NAR said the sales of townhouses, single-family homes, co-ops, condominiums and other existing homes fell 1.7% from August to September. The sales of single-family homes decreased 1.9% from August to September.

But existing-home sales was above 11.0% compare to the rate in September last year.

Lawrence Yun, NAR chief economist, said in spite of the periodic setbacks that the U.S. is going through there is a real recovery in the industry.

The number of people who are attempting to purchase homes is higher than the number of those who are eligible for mortgage loans, and the increases of current prices are not reducing the interest of buyers, Yun added. The shortages of inventory are limiting the sales of homes mostly in areas of the West.

The existing-home sales by region dropped in September in every major regions with the exception of the South.

Home sales in the South increased 0.5% and remain 19.6% higher than September 2011.

On the other hand, the Northeast experienced the biggest month-to-month decrease, with home sales falling 6.3% in September. But it is still 7.3% higher year over year.

In the Midwest, the existing-home sales fell 0.9% in September, and sales in the West decreased 3.4%.

Nevertheless, sales in the Midwest are 19.6 % greater than September last year, while sales in the West have increased a little.

In September, Americans purchased new homes at the fastest rate since 2010.

Based on a data released by the government last month, the sales of new homes increased by 5.7% in September from August, which is another indication of the housing industry’s recovery.

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