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National View – Resales Drop as Inventory Falls

National View – Resales Drop as Inventory Falls

Came across this bit this morning off the NBC News Wires

Home resales fell in September as the stock of properties on the market fell, a reminder that America’s housing sector is a long way from a full recovery despite recent signs of improvement.

The National Association of Realtors said on Friday that existing home sales dropped 1.7 percent last month to an seasonally adjusted annual rate of 4.75 million units.

That matched the median forecast made by analysts in a Reuters poll.

Nationwide, the median price for a home resale was $183,900 in September, up 11.3 percent from a year earlier as fewer people sold their homes under distressed conditions compared to a year earlier. Distressed sales include foreclosures.

The nation’s inventory of homes – those for sale on the market – fell 3.3 percent during the month to 2.32 million.

At the current pace of sales, inventories would be exhausted in 5.9 months, the lowest rate since March 2006, the NAR said.

I mention this primarily because the analysis is the same as has been here regarding the Phoenix real estate market for the past two months.

Of note, inventories here in the Valley still are well under three months … not as low as they had been when we were down to six weeks, but still darn low.

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