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Existing Home Sales Growth Stalls As Prices Rise For 55th Straight Month

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For the 3rd month in a row, sales of previously owned homes are flat year-over-year. Month-over-month saw a better than expected 3.2% rise in September (ahead of the school year) but SAAR sales remain noisily stuck 25% below 2005's highs. Notably, this is the 55th straight month of year-over-year home price gains.

 

Going nowehere fast...

 

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Prices continue to rise at more than double the pace of wages: The median existing-home price 2 for all housing types in September was $234,200, up 5.6 percent from September 2015 ($221,700). September's price increase marks the 55th consecutive month of year-over-year gains.

 

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Lawrence Yun, NAR chief economist, says the two-month slump in existing sales reversed course convincingly in September.

 

"The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the
competition for the minimal amount of homes for sale,
" he said.

 

 

 

"
Most families and move-up buyers look to close before the new school year starts.
Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month."

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