NAR: Existing-Home Sales Inched Up in September, Despite Impact from Storms

Ivan Schwartz
October 22, 2017

Economists looked to sales falling 1% to a rate of 5.30 million units last month.

The median existing-home price for all housing types in September was $245,100, an increase of 4.2% compared with $235,200 in September 2016.

Home sales in NY were strong in this year's third quarter but slowed from last year's record-breaking pace, according to a new report.

However, the increase probably would have been greater were it not for the impact of hurricanes Harvey and Irma, which affected home sales in the greater Houston, Texas, area and Southern Florida.

Existing home sales in the Northeast came in unchanged compared to the previous month, while existing home sales in the South fell by 0.9%. However, the overall housing sector has been slowing as the number of properties available has not kept up with demand.

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New York State saw the sale of 38,445 during the third quarter, a 3.1 percent drop from one year earlier, according to data from the New York State Association of Realtors (NYSAR).

Sales of existing United States homes rose in September compared with August, but remained relatively tepid due to limited housing supply and high prices, the National Association of Realtors said Friday. Sales were down 1.5% from September 2016, the first year-over-year decline since July 2016. Housing inventory has declined on a year-on-year basis for more than two years.

"There are many investors looking to buy properties as-is, damaged property, at discounted prices, and there were some home sellers willing to take that bite", said Lawrence Yun, chief economist for the realtors association.

The housing market report released Friday by the state Association of Realtors found 38,445 homes sold in NY in 2017's third quarter, which spans July through September.

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