Steel Markets
October 20, 2017
Existing Home Sales Increase Slightly
Written by Sandy Williams
Existing home sales picked up slightly in September following three months of declines, said the National Association of Realtors. However, ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back on an annual basis, said the association. Total transactions rose 0.7 percent from August to a seasonally adjusted annual rate of 5.39 million. Sales were 1.5 percent below the September 2016 rate.
“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” said Lawrence Yun, NAR chief economist. “Realtors this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”
