Friday November 24th 2017

Existing Home Sales Decline

Free News Press – Existing home sales are declining as the number of building permits and housing starts increase. Analysts had expected home sales to increase after a series of positive news in the real estate market.

The National Association of Realtors (NAR) said there were 4.75 million existing home sales in September (seasonally adjusted annual rate). This was lower than the August reading of 4.83 million and below analyst expectations of 4.90 million. Some economists had expected only 4.70 million home sales.

A limited supply of existing homes could have created a weak selling environment.

“Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery,” said Lawrence Yun , NAR chief economist. “More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West.”

There were 872,000 housing starts in September, the Department of Commerce said on Wednesday. This was much higher than the 758,000 in August and way above analyst expectations of just 765,000.

There were also 894,000 building permits issued. This is up from 801,000 in August and higher than the 815,000 predicted by economists.

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