Annualized, September existing home sales declined 3.0% to 4.91 million.
Economists were expecting 4.93 million.
The NAR’s full announcement can be found here.
August’s number was revised up to 5.06 million 5.03 million.
“Existing-home sales have bounced around this year, staying relatively close to the current level in most months,” said NAR chief economist Lawrence Yun. “The irony is affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes, but the share of contract failures is double the level of September 2010. Even so, the volume of successful buyers is higher than a year ago and is remaining fairly stable – this speaks to an unfulfilled demand.”
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