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Total existing home sales, which include single-family, townhomes, condominiums, and co-ops, dipped 3.0 percent from the upwardly revised August estimate but remain 11.3 percent above September 2010, according to The National Association of Realtors. Lawrence Yun, NAR’s chief economist, said the market has been stable, though at low levels. According to Yun, sales levels have bounced around all year, staying relatively close to the current level, but the volume of successful buyers is higher than a year ago, which speaks to an unfulfilled demand. The national median existing-home price for all housing types was $165,400 in September. Distressed home sales fell 1.0 percent from the month before and total housing inventory declined 2.0 percent. There were 3.48 million existing homes for sale at the end of September, which represents an 8.5-month supply at the current sales pace. More here.
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