Existing Home Sales Erase Summertime Losses

Economic Watch: Existing Home Sales, Leading Indicators Jump

The year-to-date (Jan. 1 - October 31) statewide median sales price was $250,000, an increase of 6.2 percent from the same period in 2016. Sales are at their strongest pace since June, which recorded 5.51 million, but are still 0.9 percent below last year's total.

Last month, sales of single-family homes, townhomes, condominiums and co-ops jumped two percent to a seasonally adjusted annual rate of 5.48 million, overshooting analyst forecasts that had expected a result of 5.42 million.

"While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated", he said.

"The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida", Mr. Yun added.

Sales of existing homes in the state increased last month compared to the same period a year ago.

There were 2,919 single-family home sold in October, 17 fewer than the same priod the year before, which represent a 0.6 decrease in sales.

Construction of new homes has also been subdued, amid rising input costs and tight labour. "With first-time buyers struggling to reach the market, Congress should not be creating disincentives to buy and sell a home".

"Listings - especially those in the affordable price range - continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying", said Yun.

There were 731 condominium units sold last month in CT, down by 10 from October 2016.

US existing home sales rose more than expected in October, bolstering optimism over the health of the housing market, according to a report released on Tuesday by the National Association of Realtors (NAR). The average commitment rate for all of 2016 was 3.65 percent.

"Roughly half of what's available to buy is priced in the upper one-third of home values, leaving scant options for those aging millennials and young families trying to get their foot in the door", said Svenja Gudell, chief economist at Zillow. That gain has now been revised down to 5.37 million.

CT condominium sales were down 1.3 percent in October or 10 units to about 730 total. And homes were on the market for just 34 days, down from 41 a year ago.

A breakdown of the figures show that sales in the Northeast rose 4.2% with a median price of $272,800 which is 6.6% above October 2016 while in the Midwest they increased 0.8% with prices up 7.1% to $194,700. Supply was down 10.4 percent from a year ago.

Existing-home prices across the country continued a years-long upward trend in October as the number of homes for sale declined still further, a trend reflected locally [see NoPho Numbers below].

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