Thursday, 29 November 2007

US Exisitng Home Sales for October

From The National Association of Realtors (NAR):

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – eased by 1.2 percent to a seasonally adjusted annual rate1 of 4.97 million units in October from a downwardly revised level of 5.03 million in September, and are 20.7 percent below the 6.27 million-unit pace in September 2006.

The national median existing-home price2 for all housing types was $207,800 in October, down 5.1 percent from October 2006 when the median was $218,900, but there is a downward distortion from the temporary problems with jumbo loans that slowed sales in high-price markets, and that dragged down the national median.

Total housing inventory rose 1.9 percent at the end of October to 4.45 million existing homes available for sale, which represents a 10.8-month supply at the current sales pace, up from a downwardly revised 10.4-month supply in September.

The trends aren't good, sales are down and inventory is up. Prices are down and will continue to fall as lower prices will be needed to put a dent in the inventory buildup. Click here and here for some excellent commentary on existing home sales from Calculated Risk.