Home sales just miss NY record

Gladys Abbott
October 22, 2017

Existing home sales in the States broke a three-month streak of consecutive declines but were nevertheless labelled "meagre" by some observers, who warned that a lack of supply and fast price increases were putting a crimp in buyers' budgets.

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. That exceeded the MarketWatch forecast of 5.3 million.

Harvey, which hit Texas in the last week of August, and Irma, which battered Florida in early September, had already affected sales for August.

Existing-home sales, however, have been flat for most of this year, due mainly to tight inventory and rising prices. Total active listings, or the total number of available properties in the marketplace, rose 7.4 percent from September 2016 to 40,848.

That sales grew at all "was a bit of shock since Florida took a licking", said economist Joel Naroff.

More news: Apple faces lawsuit over one of iPhone X's features

Experts reckon that sales in the hurricane-affected areas will rebound further once delays in sales fade.

With surprising but welcome improvement from the Harvey-influenced August report, Houston's September housing market indicators provided positive readings across the board as single-family home sales, total property sales, median and average pricing, total dollar volume and inventory were all up compared to September 2016.

Supply was down 6.4 percent from a year ago.

Housing inventory across the US now stands at a 4.2-month supply, according to the latest report from the National Association of Realtors (NAR).

The median number of days that homes were on the market in September was 34, compared to 39 days a year ago. They fell 0.9 percent in the South and were unchanged in the Northeast.

Other reports by LeisureTravelAid

Discuss This Article