Home Sales Bump Up in September
Posted on Oct 25, 2010
At long last, a little good news from the real estate market: The National Association of Realtors reported a 10 percent rise in existing home sales in September, but buyers are still skittish about foreclosures and the country’s job problems figure into the long-term prognosis as well. —KA
September’s seasonally-adjusted reading showed 4.53 million existing home sales on an annual basis, up 10% from August’s tally of 4.12 million, but 19.1% below the 5.6 million sold in September 2009. The median price tag was $171,700, down 3.3% from a month ago and 2.4% from last year. Distressed sales accounted for 35% of all sales in September.
“This is the biggest monthly gain in 28 years, even though we should be closer to 5 million [monthly home sales] given the rate of population growth,” says NAR spokesman Walter Molony. “Buyers are responding to low interest rates, but what hurts is the anemic pace of job growth,” he explains.
Flickr / Casey Serin (CC-BY)