at Calculated Risk on 10/23/2024 10:00:00 AM
From the NAR: Existing-Home Sales Slipped 1.0% in September
Existing-home sales drew back in September, according to the National Association of REALTORS®. Three out of four major US regions registered sales declines while the West experienced a sales bounce. Year-over-year, sales fell in three regions but grew in the West.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales declined 3.5% (down from 3.98 million in September 2023).
…Total housing inventory registered at the end of September was 1.39 million unitss, up 1.5% from August and 23.0% from one year ago (1.13 million). Unsold inventory sits at a 4.3-month supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.
emphasis added
Click on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in September (3.84 million SAAR) were down 1.0% from the previous month and were 3.5% below the September 2023 sales rate.
According to the NAR, inventory increased to 1.39 million in September from 1.37 million the previous month.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 23.0% year-over-year (blue) in September compared to September 2023.
Months of supply (red) increased to 4.3 months in September from 4.2 months the previous month.
The sales rate was below the consensus forecast. I’ll have more later.