Published: Sun, October 22, 2017
Sports | By Ivan Ross

NAR: Existing-Home Sales Inched Up in September, Despite Impact from Storms

NAR: Existing-Home Sales Inched Up in September, Despite Impact from Storms

Adding that, "sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida - hit by Hurricanes Harvey and Irma - saw temporary, but notable declines". However, the overall housing sector has been slowing as the number of properties available has not kept up with demand.

The total number of closed sales for the first nine months of 2017 was 98,176, a 1.7 percent increase over the 96,561 sold through September of 2016.

Distressed sales, which include foreclosures and short sales, were at 4 percent - unchanged from last month and a year ago. Single-family home leases rose a staggering 83.6 percent, while townhome/condominiums skyrocketed 92.2 percent.

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Month-end pending sales for single-family homes totaled 6,606, an increase of 13.1 percent over past year. The average rent for single-family homes was up 7.9 percent to $1,886, while the average rent for townhomes/condominiums climbed 5.4 percent to $1,601.

Existing home sales in the States broke a three-month streak of consecutive declines but were nevertheless labelled "meagre" by some observers, who warned that a lack of supply and fast price increases were putting a crimp in buyers' budgets.

The National Association of Realtors (NAR) recently released its Existing Home Sales report-discovering that despite three straight months of home sales declining, September sales showed a small incline.

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Supply was down 6.4 percent from a year ago. The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 5.5 percent to $232,000.

September sales of all property types in Houston totaled 8,150, an increase of 3.4 percent versus the same month previous year.

Economists polled by Reuters had forecast sales falling 1.0 percent to a rate of 5.30 million units last month.

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In the South, existing-home sales decreased 0.9 percent to an annual rate of 2.13 million. Sales rose just 3.3% in the West and 1.6% in the Midwest and they were flat in the Northeast.

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