Sales of previously owned homes fell 1 percent in September, according to the latest numbers from the National Association of Realtors. Decreasing sales numbers were found in three of four U.S. regions, with only the West seeing an increase.
Lawrence Yun, NAR's chief economist, says sales have been relatively flat despite improving conditions. “Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” Yun said. “There are more inventory choices for consumers, lower mortgage rates than a year ago, and continued job additions to the economy.”
Yun also notes that home price increases are moderating, with wage growth now outpacing home price appreciation. That's all good news for home buyers but it has yet to translate into closed sales. Expectations are that sales will breakout sometime soon but exactly when is anybody's guess.
[Source: NAR]
