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Existing home sales declined to 4.75 million in September right in line with expectations.This was down 1.5 per cent on the month, but up 11 per cent from a year ago.
But last month’s reading was revised up to 4.83 million and up 8.1 per cent.
On a regional basis, existing home sales fell the most in the Northeast, declining 6.3 per cent on the month, but up 7.3 per cent on the year.
The national median existing-home price was $183,900, up 11.3 per cent from a year ago.
“The shrinkage in housing supply is supporting ongoing price growth, a pattern that could accelerate unless home builders robustly ramp up production,” according to NAR’s chief economist Lawrence Yun.
We’re minutes away from the only major U.S. economic data point for the day.
Economists polled by Bloomberg expect existing home sales to decline to to an annual unit rate of 4.75 million in September.
Existing home sales were up 7.8 per cent in August to the highest level in two years.