FOREX TradingCharts.com

Financial News: U.S. Existing Home Sales Pull Back Much More

U.S. Existing Home Sales Pull Back Much More Than Expected In September

10/22/2019 - 10:20:00 (RTTNews)

(RTTNews) - After reporting an unexpected jump in existing home sales in the previous month, the National Association of Realtors released a report on Tuesday showing existing home sales pulled back by much more than anticipated in the month of September.

NAR said existing home sales plunged by 2.2 percent to an annual rate of 5.38 million in September after jumping by 1.5 percent to an upwardly revised 5.50 million in August.

Economists had expected existing home sales to drop by 0.7 percent to a rate of 5.45 million from the 5.49 million originally reported for the previous month.

Despite the monthly pullback, the report said existing home sales in September were up by 3.9 percent compared to the same month a year ago.

NAR chief economist Lawrence Yun suggested a low level of new housing options has prevented home sales from increasing commensurately with historically low mortgage rates.

"We must continue to beat the drum for more inventory," Yun said. "Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential."

The report said the median existing-home price for all housing types was $272,100 in September, down 2.4 percent from $278,000 in August but up 5.9 percent from $256,900 a year ago.

Total housing inventory at the end of September represented 4.1 months of supply at the current sales pace, up from 4.0 months in August but down from 4.4 months in September of 2018.

NAR said single-family home sales tumbled by 2.6 percent to a rate of 4.78 million in September, more than offsetting a 1.7 percent jump in existing condominium and co-op sales to a rate of 600,000.

On Thursday, the Commerce Department is scheduled to release a separate report on new home sales in the month of September.

New home sales are expected to slump by 1.7 percent to an annual rate of 701,000 in September after spiking by 7.1 percent to a rate of 713,000 in August.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


China's House Prices Rise Moderately In October (05 min(s), 45 sec(s) ago)
(RTTNews) - China's house prices logged a moderate growth in October, figures from the Nationa ...Full Story»

European Economics Preview: Eurozone Inflation, Trade Data Due (28 min(s), 45 sec(s) ago)
(RTTNews) - Final inflation and foreign trade figures from euro area are due on Friday, headlining ...Full Story»

RBNZ Orr Expects Economy To Recover In 2020 (49 min(s), 45 sec(s) ago)
(RTTNews) - Reserve Bank of New Zealand Governor Adrian Orr said the economy is not in a recession ...Full Story»

New Zealand Manufacturing Expands For First Time In 4 Months (01 hr(s), 24 min(s), 45 sec(s) ago)
(RTTNews) - New Zealand manufacturing sector returned to positive territory for the first time in ...Full Story»

Bulgaria GDP Growth Retains Momentum In Q3 (13 hr(s), 52 min(s), 45 sec(s) ago)
(RTTNews) - Bulgaria's economic growth continued at a robust pace in the third quarter, suppor ...Full Story»

Poland GDP Growth Improves In Q3 (13 hr(s), 59 min(s), 45 sec(s) ago)
(RTTNews) - Poland's economy expanded at a faster rate in the third quarter, flash estimates f ...Full Story»

Slovakia Economic Growth Slows In Q3 (14 hr(s), 06 min(s), 45 sec(s) ago)
(RTTNews) - Slovakia's economic growth slowed in the third quarter, flash estimates from the s ...Full Story»

U.S. Producer Prices Rebound Along With Energy Prices (14 hr(s), 11 min(s), 45 sec(s) ago)
(RTTNews) - After reporting an unexpected decrease in producer prices in the previous month, the L ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

China's House Prices Rise Moderately In October

11/14/2019 - 23:32 PM (RTTNews)
(RTTNews) - China's house prices logged a moderate growth in October, figures from the Nationa ...Full Story>>

European Economics Preview: Eurozone Inflation, Trade Data Due

11/14/2019 - 23:09 PM (RTTNews)
(RTTNews) - Final inflation and foreign trade figures from euro area are due on Friday, headlining ...Full Story>>

RBNZ Orr Expects Economy To Recover In 2020

11/14/2019 - 22:48 PM (RTTNews)
(RTTNews) - Reserve Bank of New Zealand Governor Adrian Orr said the economy is not in a recession ...Full Story>>

New Zealand Manufacturing Expands For First Time In 4 Months

11/14/2019 - 22:13 PM (RTTNews)
(RTTNews) - New Zealand manufacturing sector returned to positive territory for the first time in ...Full Story>>

Bulgaria GDP Growth Retains Momentum In Q3

11/14/2019 - 09:45 AM (RTTNews)
(RTTNews) - Bulgaria's economic growth continued at a robust pace in the third quarter, suppor ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.