Thursday 27 October 2011
House Resales Drop
Sales of previously occupied house in the U.S. fell slightly last month, a sign of continuing weakness in a depressed part of the economy.
Existing-house sales decreased by 3.0% in September from a month earlier to a seasonally adjusted annual rate of 4.91 million, the National Association of Realtors said Thursday. August's sales pace was revised upward to 5.06 million per year.
Economists surveyed by Dow Jones Newswires had expected home sales to fall by 2.6% to an annual rate of 4.90 million.
The market is "in a holding pattern. It's not breaking out," said Lawrence Yun, the trade group's chief economist.
Sales were up 11.3% from the same month a year earlier. The median sales price was $165,400, down 3.5% from $171,400 a year earlier.
The inventory of previously owned homes listed for sale, meanwhile, fell at the end of September to 3.48 million. That represented an 8.5-month supply at the current sales pace, compared with a healthy level of about six months. Foreclosures and other distressed properties represented about 30% of sales, the Realtors group said.
More than five years after the housing bubble started to burst,the housing market remains a heavy burden on the economy.
Existing-house sales decreased by 3.0% in September from a month earlier to a seasonally adjusted annual rate of 4.91 million, the National Association of Realtors said Thursday. August's sales pace was revised upward to 5.06 million per year.
Economists surveyed by Dow Jones Newswires had expected home sales to fall by 2.6% to an annual rate of 4.90 million.
Sales were up 11.3% from the same month a year earlier. The median sales price was $165,400, down 3.5% from $171,400 a year earlier.
The inventory of previously owned homes listed for sale, meanwhile, fell at the end of September to 3.48 million. That represented an 8.5-month supply at the current sales pace, compared with a healthy level of about six months. Foreclosures and other distressed properties represented about 30% of sales, the Realtors group said.
More than five years after the housing bubble started to burst,the housing market remains a heavy burden on the economy.
