US Existing Home Sales Highest Since Aug 07, Prices at 4-Year Low

Existing Home Sales in the United States outpaced economists’ expectations in September as they rose by the fastest pace in five years, the National Association of Realtors reported today.

Sales in September increased to 5.18 million units annualized, a MoM increase of 5.5%. 5.18M is the highest number seen since the 5.50M seen in August 07.

Sales in the West grew by the largest margin, up 16.8% on the month, 34.4% on the year. The Midwest managed a 4.4% gain with the South registering 2.2%. The Northeast was the only region in negative figures, down 1.2% on the month.

The positive news of an increase in sales was slightly diminished by the lowest median price of a previously owned home seen in four years. Down 9.0% on the year the median price now stands at $191, 600.

The largest fall was seen in the West with prices off by 18.5% on the year, followed by the Midwest down 7.9%. Median prices in the Northeast are down by 5.4% to $246, 800.