Existing-home sales rose and inventory fell in September – The Property Chronicle
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Existing-home sales rose and inventory fell in September

Residential Investor

Sales of existing homes jumped 7.0% in September, to a 6.29 million seasonally adjusted annual rate. Sales are still down 2.3% from a year ago. Sales in the market for existing single-family homes, which account for about 89% of total existing-home sales, rose 7.7% in September, coming in at a 5.59 million seasonally adjusted annual rate (see top of first chart). From a year ago, sales are down 3.1%. Condo and co-op sales increased 1.4% for the month, leaving sales at a 700,000 annual rate for the month versus 690,000 in August (see top of first chart). From a year ago, condo and co-op sales are up 4.5%.






Residential Investor

About Robert Hughes

Robert Hughes joined the American Institute for Economic Research in 2013 following more than 25 years in economic and financial markets research on Wall Street. He was formerly the Head of Global Equity Strategy for Brown Brothers Harriman, where he developed equity investment strategy combining top-down macro analysis with bottom-up fundamentals. Prior to that, he was a senior equity strategist for State Street Global Markets, senior economic strategist with Prudential Equity Group and senior economist and financial markets analyst for Citicorp Investment Services.

Articles by Robert Hughes

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