Existing home sales fell 2.7% month-over-month (m/m) to an annual rate of 5.1 million units, breaking a four-straight monthly streak of increases, and the report was disappointing relative to the 2.1% increase to an annual rate of 5.35 million units expected by a survey of economists conducted by Bloomberg. Positively, this marks the second month of year-over-year increases, at 3.4% for August. Single-family home sales decreased 2.8%, while multi-family sales fell 1.6%. Distressed properties and the shift to the low-end of the market continue to weigh down the median existing-home price, which fell 12.5% year-over-year (y/y) in August to $177,700, but the pace of price declines has been moderating in recent months.
[Schwab Alerts, 9/24/09]
***
Later in morning action, August existing home sales will be released, and are forecast to increase 2.1% to an annual rate of 5.35 million units, extending the upward trend to five months. July data showed the first year-over-year increase since November 2005, and the first four-straight monthly rise in five years.
No comments:
Post a Comment