September existing home sales fall -2.2%
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Existing-Home Sales Decrease 2.2% in September
Existing-Home Sales Decrease 2.2% in September
The National Association of Realtors® reported that existing home sales fell across all 4 regions in September. September sales fell <-2.2%> to a SAAR of 5.38 million units last month. This reverse 2 straight months of gains. August’s sales, however, have been revised upward to 5.50 million units. When comparing existing home sales LYTD (9/18) to YTD (9/19) – existing home sales actually rose 3.9%. At September’s sales pace, it would take 4.1 months to clear current inventory, which is down from 4.4 months a year ago. Experts believe that a supply of 6 – 7 months is seen as a healthy balance between supply and demand.
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