September Existing Home Sales Surge Over 10% For The Biggest Monthly Gain In 28 Years

The number: Looks like a decent number, at least against the expectations.

Sales were up 10% for September. Total annualized sales hit 4.53 million annualized rate.

The year over year volumes are still ugly so in terms of a real number, it was not that special

August was revised down (just slightly) to 4.12 million.

The full announcement is here.

As noted below, this month probably doesn’t even represent what’s going on right now, as it’s all pre-foreclosure-gate.

 

Background: We might get a rare, brief snapshot of what the housing market actually looks like without some unusual external force. In August we saw a huge spike of 7.6% (4.13 million annualized rate) coming off the post-tax credit slump. In September, the estimate is for a 4.25 million annualized rate. Of course, this number comes before all the mortgage nonsense began, so it may not even reflect current reality.

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