Home buyers took the opportunity in September to snatch up existing homes causing a rebound in this area of the market, which had dropped in August.
The National Association of Realtors found that in all four regions of the country, numbers on existing home sales rose in September. This includes Florida markets, such as Orlando luxury homes, Cape Coral luxury homes, and others.
Notables from last month’s numbers reflect the following:
- Completed transactions increased 4.7 percent. This includes sales of single family homes, condos, townhomes, and co-ops.
- Existing home sales rose 8.8 percent from the same time last year with September registering approximately 5.55 million existing homes sales from 5.10 million noted from September 2014.
- September’s 5.55 million is up from the 5.30 million logged in August.
- September home sales are now at their second highest pace since February 2007 (5.79 million).
- Median existing home price was $221,900 in September for all housing types.
- The current median home price rose 6.1 percent above September 2014, which was $209,100.
- September’s price increase marks the 43rd consecutive month of year–over–year gains.
- Total housing inventory at the end of September decreased 2.6 percent to 2.21 million.
- The existing homes available for sale dropped from 2.28 million in September 2014 to 2.21 million in the same month this year. This is 3.1 percent lower than a year ago.
- Unsold inventory is at a 4.8 month supply, which is down from 5.1 months in August.
The Pace of Sales on Single Family, Condo, and Co–ops
Single family home sales rose 5.3 percent in September to a seasonally adjusted annual rate of 4.93 million. This number is up from August which registered 4.68 million. The September numbers are now 9.6 percent above the 4.50 million pace that was evident one year ago.
In September, the median home price on an existing single family home was $223,500, which is up 6.6 percent from September 2014.
When it comes to existing condominium and co–op sales, the seasonally adjusted annual rate for the month of September came in at 620,000 units, which is unchanged from August. However, over the course of a year, the numbers rose 3.3 percent as compared to the 600,000 units noted for September 2014.
The median existing condo price was $209,200 in September, which is 1.9 percent above a year ago.
Numbers from Across the Country
The regional breakdown for existing homes sales in September saw the following:
Northeast: Sales on existing homes jumped 8.6 percent to an annual rate of 760,000. This is up from a year ago by 11.8 percent. The median price also rose 4.0 percent from where it was back in September 2014 with the current price coming in at $256,500.
Midwest: Sales on existing homes climbed 2.3 percent to an annual rate of 1.31 million. This is up from a year ago by 12.0 percent. The median price also rose 5.4 percent from where it was back in September 2014 with the current price coming in at $174,400.
South: Sales on existing homes rose 3.8 percent to an annual rate of 2.21 million. This is up from a year ago by 5.7 percent. The median price also rose 6.2 percent from where it was back in September 2014 with the current price coming in at $191,500.
West: Sales on existing homes increased 6.7 percent to an annual rate of 1.27 million. This is up from a year ago by 9.5 percent. The median price also soared 8.0 percent from where it was back in September 2014 with the current price coming in at $318,100.
