Search
  • Adam DeSanctis

Existing-Home Sales Rebound


WASHINGTON (October 20, 2016) — Existing-home sales rebounded strongly in September and were propelled by sales from first-time buyers reaching a 34 percent share, which is a high not seen in over four years, according to the National Association of Realtors®. All major regions saw an increase in closings last month, and distressed sales fell to a new low of 4 percent of the market.

Total existing-home sales 1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, hiked 3.2 percent to a seasonally adjusted annual rate of 5.47 million in September from a downwardly revised 5.30 million in August. After last month's gain, sales are at their highest pace since June (5.57 million) and are 0.6 percent above a year ago (5.44 million).

Lawrence Yun, NAR chief economist, says the two-month slump in existing sales reversed course convincingly in September. "The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale," he said. "Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month."

The median existing-home price 2 for all housing types in September was $234,200, up 5.6 percent from September 2015 ($221,700). September's price increase marks the 55th consecutive month of year-over-year gains.

Latest News

Existing-home sales rose strongly in September, propelled by first-time buyer sales, reaching a 34 percent share, a high not seen in over four years.


14 views
15215 SE 272nd St Suite 202
Kent, WA 98042

All information is believed to be reliable, but is not guaranteed and should be independently verified with a real estate professional. Agency Real Estate is a member of the National Association of REALTORS® Equal Housing Opportunity.

RobinGetsItDone© 2016-2018