by calculated risk 2024/10/23 10:00:00 AM
From NAR: Existing home sales in September decreased by 1.0%
According to the National Association of REALTORS®, existing home sales decreased in September. Sales declined in three of the four major U.S. regions, but sales recovered in the West. Year over year, sales decreased in three regions, but increased in the West.
Total used home sales – completed transactions including single-family homes, townhomes, condos, and co-ops – The seasonally adjusted annual rate for September was 3.84 million, down 1.0% from August.. Year-on-year, sales decreased by 3.5% (down from 3.98 million units in September 2023).
…The total number of registered housing stock at the end of September was 1.39 million units.s increased by 1.5% from August and by 23.0% from a year ago (1.13 million people). unsold inventory 4.3 months worth At the current sales pace, this will increase from 4.2 months in August 2023 and 3.4 months in September.
Emphasis added
Click on the graph to see a larger image.
This graph shows existing home sales on a seasonally adjusted annual rate (SAAR) basis since 1994.
Sales in September (SAAR 3.84 million) decreased by 1.0% from the previous month and was 3.5% lower than the sales rate in September 2023.
According to NAR, inventories rose to 1.39 million units in September from 1.37 million units the previous month.
The final graph shows the year-over-year (YoY) change in reported existing housing inventory and months of supply. Inventories are not seasonally adjusted, so looking at year-over-year changes is very helpful. Note: Months of supply is based on seasonally adjusted sales, not seasonally adjusted inventory.
Compared to September 2023, inventory in September increased by 23.0% year-over-year (blue).
The month of supply (red) in September increased from 4.2 months in the previous month to 4.3 months.
Sales were below consensus expectations. I’ll eat more later.
