WASHINGTON: US home resales retreated in September from a two-year high, a reminder that America’s housing sector is a long way from a full recovery despite recent signs of improvement. Existing home sales fell 1.7 percent last month to a seasonally adjusted annual rate of 4.75 million units, data from the National Association of Realtors showed.
Housing has been a relative bright spot in the US economy this year, and yesterday’s data did not point to a reversal in that trend. The reading for August was revised slightly higher to show resales at a 4.83 million-unit annual rate. The median price for a home resale rose 11.3 percent from a year earlier to $183,900. The rise in prices appears due to both tight inventories and a downward trend in sales made under distressed conditions like foreclosures.
The nation’s stock of existing homes for sale fell 3.3 percent last month to 2.32 million units. At the current pace of sales, inventories would be exhausted in 5.9 months.Reuters
