Existing home sales rise in September
October 28th, 2008
The National Association of Realtors reported that existing home sales rose 5.5 percent in September compared to August. More importantly, sales volume was 1.4 percent higher than the 5.11 million-unit pace in Sept. 2007, the first year-over-year gain posted in existing home sales since November 2005.
NAR chief economist Lawrence Yun: “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island. The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
Calculated Risk points out that September 2007 sales were impacted by the credit crisis that started in August 2007. The current wave of the credit crisis will probably impact sales reported in October and November.
Also see Orgonian Article from from today Incentives bring gains in new home sales