September existing home sales fall -2.2%

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.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.