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Existing Home Sales
(Seasonally adjusted annual rate)
|
. |
|
|
 |
| MOST RECENT STATISTIC: |
|
|
|
| Annual Rate
(Seasonally adjusted) |
5,570,000 |
| Monthly (Not seasonally
adjusted) |
472,000 |
| Grade: |
A- |
| PERIOD COVERED: |
Sept. 2009 |
| Date Released: |
10/23/09 |
|
|
|
| Next Released: |
11/23/09 |
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|
|
|
|
|
09/09 |
08/09 |
07/09 |
09/08 |
|
|
| Sales (SA) (MMs) |
5,570 |
5,090 |
5,240 |
5,100 |
|
| % Change |
- |
9.4% |
6.3% |
9.2% |
|
| Sales (NSA) (000s) |
472 |
498 |
532 |
438 |
|
| % Change |
- |
(5.2%) |
(11.3%) |
7.8% |
|
|
| Source:
National Association of Realtors |
Analysis for the Housing Market
By:Ken Lee
In September, the seasonally-adjusted annual rate of total existing homes jumped 9.4% from August levels to 5,570,000 units. This is the highest annualized sales of existing homes has been since July 2007. Sales of existing homes are up 9.22 percent from the 5,100,000 units in September 2008. This was the largest monthly increase in sales since May 1995 and the biggest annual increase in sales activity since January 2005. It was the third straight month that existing home sales have recorded a year-over-year increase. Buyers flocked into the market following the slowdown in sales activity in August because of lower rates and the upcoming expiration of the homebuyer tax credit. Existing single-family home sales increased 9.4% from last month to 4,890,000 units while condo and co-op sales were up 9.7% from August to 680,000 units.
All four regions posted monthly and annual increases in existing home sales activity. The West experienced the largest monthly gain with sales jumping 13.0% from August levels while being up 5.69% from September of last year. Sales in the West have been driven by an elevated number of foreclosures and short sales. The Northeast saw existing home sales increase 4.4% from last month while sales were up 11.76% from September of last year. The South posted a 9.0% gain in sales from August levels while increasing 10.75% from last September. The Midwest experienced a 9.6% monthly increase in sales while increasing 7.8% from the same time last year.
There is very little time left to purchase a home in order to take advantage of the $8,000 homebuyer tax credit that is set to expire at the end of November. The surge in sales activity in September is likely the last big push that will be seen if the tax credit is not extended into next year.
Definitions and Importance for the Housing Market
By:Ken Lee
The National Association of REALTORS® collects data from more than 650 realtor groups across the nation. Data includes single-family homes, townhomes, condominiums, and co-ops that have been previously owned and occupied. Figures are released monthly.
The volume of total existing home sales is an excellent indicator of housing demand. The direction of change in the existing home sales volume is an indicator of the health of the housing market, as are changes in the market capture of new versus existing home sales.
For more information on existing home sales, go to:
http://www.realtor.org/research.nsf/Pages/EHSdata
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