September Existing Home Sales Rise 9.4%; Median Sales Price Down
Posted on | October 23, 2009 | 1 Comment
September existing home sales rose an unexpected 9.4% in the month of September according to the National Association of Realtors. The rise of a seasonally adjust annual rate of 5.57 million was much higher than the expected 5.35 million. This increase is well above the revised rate in August of 5.1 million.
The median sales price was down 8.5% from a year ago to $174,900. This drop may seem significant but it was the smallest annual drop in over a year, 13 months. Over the last week we have heard very differing opinions on the housing market. Fiserv came out with a study saying home prices would continue to decline until June 2010 while several government officials feel the housing market has bottom.
Robert Shiller said in a recent interview that he feels both the housing and stock markets have gone up way too fast and there is a good chance for a correction but he is not confident that this will happen. There will continue to be debates about the housing market but ultimately the housing market will not see its true bottom until home owners and future home owners find jobs. With the unemployment rate rising this does not look to be the case at the present time.
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Author: Jesse Wojdylo
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October 23rd, 2009 @ 10:26 pm
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