NAR released a summary of existing-home sales data showing that housing market activity this September fell 2.2% from August 2019. September’s sales of existing homes increased 3.9% from September 2018. September’s existing-home sales reached a 5.38 million seasonally adjusted annual rate.
The national median existing-home price for all housing types reached $272,100 in September up 5.9 percent from a year ago. This would be the strongest price growth since January 2018 when prices also rose 5.9%. This marks the 91st consecutive month of year-over-year gains.
Regionally, all four regions showed growth in prices from a year ago. The Midwest had largest gain of 7.2% followed by the South with an increase of 6.3%. The Northeast had an increase of 5.2% and the West had the smallest gain of 4.5% from September 2018.
September’s inventory figures were flat from last month standing at 1.83 million homes for sale. Compared with September of 2018, inventory levels were down 2.7%. This would mark four straight months of year-over-year declines. It will take 4.1 months to move the current level of inventory at the current sales pace. It takes approximately 32 days for a home to go from listing to a contract in the current housing market, the same as last year.
From August 2019, all four regions showed declines in sales. The Midwest had the biggest decline in sales at 3.1%. The Northeast fell 2.8% followed by the South with a dip of 2.1%. The West had the smallest decline of 0.9%.
From a year ago, three of the four regions showed inclines in sales while the Midwest was flat. The South had the biggest gain in sales at 6.0% followed by the West with an incline of 5.6%. The Northeast had the smallest increase of 1.5%.
The South led all regions in percentage of national sales, accounting for 42.4 % of the total, while the Northeast had the smallest share at 12.8%.
In September, single-family sales were down 2.6% and condominiums sales were down 1.7% compared to last month. Single-family home sales were up 2.9% and condominium sales up 3.4% compared to a year ago. Single-family homes had an increase in price up 6.1% at $275,100 and condominiums rose 4.5% at $248,600 from September 2018.