U.S. existing home sales fall 2% in October

TRD New York /
Nov.November 23, 2010 03:15 PM

Nationwide existing home sales fell 2.2 percent below September’s levels last month after two straight monthly increases in sales volume, according to data from the National Association of Realtors, released today.

October’s U.S. annual sales rate for existing single-family homes, townhouses, condominiums and co-ops came in at 4.43 million units, which was 25.9 percent below the 5.98 million registered in 2009, when the first-time homebuyer tax credit was still in place.

First-time homebuyers made up 32 percent of all existing-home sales last month, down from 50 percent one year ago. Meanwhile, investors made up 19 percent of last month’s homebuyers, up from 14 percent in October 2009, and all-cash sales also rose to 29 percent from 20 percent last year.

The median sales price nationwide was $170,500 — a less pronounced year-over-year drop of 0.9 percent. At last month’s close, there had been 4.15 million existing home sales year-to-date, a decline of 2.9 percent from that point in 2009, NAR said.

“The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales,” said Lawrence Yun, chief economist at NAR. “Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels.” TRD


Related Articles

arrow_forward_ios
CAP: NAR President Vince Malta and TAN founder David Faudman (Credit: YouTube, NAR, iStock)

Pushback over going “clear”: NAR sued for pocket listing ban

Pushback over going “clear”: NAR sued for pocket listing ban
Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat
US home sales slide again in June as prices hit all-time high

US home sales slide again in June as prices hit all-time high

US home sales slide again in June as prices hit all-time high
(Credit: iStock)

US existing home sales bounce back in May as spring buying season heats up: report

US existing home sales bounce back in May as spring buying season heats up: report
Propy CEO Natalia Karayaneva (Credit: iStock)

NAR’s venture capital arm is now a blockchain investor

NAR’s venture capital arm is now a blockchain investor
President Donald Trump addresses the National Association of Realtors on Friday (Credit: Getty Images)

“I feel like home”: Trump touts economy, gushes over agents at NAR conference

“I feel like home”: Trump touts economy, gushes over agents at NAR conference
NAR CEO Bob Goldberg (left) and Crexi CEO Michael DeGiorgio

NAR inks partnership with Crexi

NAR inks partnership with Crexi
Is the tax overhaul law impacting real estate?

Is the tax overhaul law impacting real estate?

Is the tax overhaul law impacting real estate?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...