September home sales show another strong gain
Existing home sales rose again in September, affirming that a sales recovery has begun, according to the National Association of Realtors (NAR).
Existing home sales, which are completed transactions that include single family, townhomes, condominiums and co-ops, jumped 10% to a seasonally adjusted annual rate of 4.5 million in September.
The national median existing home price for all housing types was $171,700.00 which is 2.4% below a year ago. Distressed homes accounted for 35% of sales in September, up from 29% in September 2009.
Housing affordability conditions today are 60 percentage points higher than during the housing boom, so it has become a very strong buyer's market, especially for families with long term plans. To illustrate the jump in housing affordability, the median monthly mortgage payment for a recently purchased home is several hundred dollars less than it was 5 years ago.
Total housing inventory at the end of September fell 1.9% to 4 million existing homes available for sale, which represents a 10.7 month supply at the current sales pace. First time buyers purchased 32% of homes in September, investors were at an 18% market share, the balance of purchases were by repeat buyers. All cash sales were at 29%.
Single family home sales increased 10% to 4 million, condominium and co-op sales rose 9.8% to 560,000. Regionally, existing home sales in the Northeast increased 10.1%, Midwest jumped 14.5%, in the South sales rose 10.6% and the West increased 5% in September.
references: efrogpond inc, national association of Realtors, bing.com