Inventory 10 year low, Sales up 2.1% in October

By Mark D   Follow   Mon, 19 Nov 2012, 1:05pm   250 views   2 comments
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good news for the bulls.

"Sales of previously owned U.S. homes unexpectedly climbed in October, showing record-low mortgage rates are helping spur the world’s largest economy.

Purchases of existing houses increased 2.1 percent to a 4.79 million annual rate, exceeding the median forecast of economists surveyed by Bloomberg, figures from the National Association of Realtors showed today in Washington. Property values rose over the past 12 months by the most in seven years as inventories dropped to the lowest level in almost a decade."

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  1. Mark D

    242 threads
    Simi Valley, CA

    1   1:14pm Mon 19 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Inventory Shrinks

    The number of previously owned homes on the market decreased 1.4 percent to 2.14 million, the fewest since December 2002. At the current sales pace, it would take 5.4 months to sell those houses, the least since February 2006, and down from 5.6 months at the end of September.

    Sales of existing single-family homes increased 1.9 percent to an annual rate of 4.22 million. Purchases of multifamily properties -- including condominiums -- rose to a 570,000 pace, the most since January 2011, from 550,000.

    Purchases climbed in three of the four regions, reflecting a 4.4 percent increase in the West, a 2.1 percent gain in the South and a 1.8 percent rise in the Midwest. Demand fell 1.7 percent in the Northeast as superstorm Sandy disrupted the market, the agents’ group said.

    “We anticipate more impact to be showing up in November and December,” Lawrence Yun, NAR chief economist, said in a news conference as the figures were released.

  2. Mark D

    242 threads
    Simi Valley, CA

    2   1:58pm Mon 19 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    LiarWatch says

    And with 20-30 MILLION excess empty housing units in inventory, how is inventory low?

    most of those are $1 homes in Detroit.

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