Stats on Recent Home Sales in U.S.

The Mortgage Pulse - Tom's Blog

This info was culled from reliable industry sources and reprinted here for those of you who are wondering "where the bottom is"? Of course nobody has that crystal-ball, but these numbers are a good indicator (based on recent existing home sales as reported by the National Assoc. of Realtors) that it is definitely becoming a good time to consider buying an owner occupied home again! If you or someone you know would like a no-cost/no-obligation Pre-Qual letter to see how much home you should be looking for and what is required for down payment, please contact Tom Purcell at 714-921-0887 or check out our website at www.PinnacleMortgageBroker.com

New home sales in the U.S. rose slightly more than anticipated, moving up 2.7% in September to an annual pace of 464k, yet the previous month's tumble was revised downward to a 12.6% decrease, according to a report from the Commerce Department on Monday. Economists were expecting September data to fall 2.2% to 450k, from the originally reported August figure of 460k, which got revised down to 452k.

The 12.6% fall in August pushed the pace of sales to the slowest rate since January 1991. This 2.7% move upwards is decent news, but the pace of sales is still down 33.1% from one year ago. Inventories fell 7.3% to a pace of 10.4 months, down from an upwardly revised 11.4-month supply in August, which was originally reported at 10.9 months.

The median sale price of new houses fell slightly to $218,400, down from $220,400 in August. Annually, prices have fallen 9.1%. The Census report follows the existing home sales report from the National Association of Realtors on Friday, which unexpectedly rose 5.5% to a pace of 5.18 million sales.