Existing home sales perked up to a seasonally adjusted annual rate of 5.17 million, the highest in 2014. Gains were made in the single-family and condo market, but total sales are still lower than a year ago.
Sales in the South Reach a New High
- Sales of existing single-family homes gained 2.0 percent in September, although they remain 1.9 percent lower than a year earlier. Condo sales, however, rebounded by 5.2 percent and now match their year-ago number.
- Monthly gains were seen in the West (7.1 percent), the South (5.0 percent) and the Northeast (1.5 percent). The South is the only region where sales are above year-ago levels.
More Distressed Sales Over the Month
- The number of distressed sales increased in the month to 10 percent of total purchases. Investors and all-cash buyers also accounted for more existing home sales in September relative to August. When comparing these types of sales to a year ago, the share of distressed, all cash and investor purchases are notably lower, showing that the broad trend is one where the housing market is becoming healthier.
Source: National Association of Realtors and Wells Fargo Securities, LLC