Home Sales (Inventory) Highest (Lowest) In 2+ Yrs.
Highlights from today's report on existing home sales:
1. Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007 (see top chart above).
3. The median home price in September was $174,900, which was up by 6% from the January low of $164,800, but 8.5% below last September's $191,200 price, and $2,400 below the August level of $177,300.
Bottom Line: The national real estate market is gradually recovering, and the worst is definitely behind us.