Existing-home sales were down in September 2011 on the heels of a strong gain in August, but remain well above a year ago, according to the National Association of Realtors.
Total existing-home sales declined 3.0% to a seasonally adjusted annual rate of 4.91 million in September from an upwardly revised 5.06 million in August. September 2011 sales were still 11.3% above the 4.41 million unit pace in September 2010.
Total existing-home sales are completed transactions that include single-family, townhomes, condominiums, and co-ops.
Lawrence Yun, NAR chief economist, has seen some stability in the market, but also sees much room for improvement. “Existing-home sales have bounced around this year, staying relatively close to the current level in most months,” he said. “The irony is affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes, but the share of contract failures is double the level of September 2010. Even so, the volume of successful buyers is higher than a year ago and is remaining fairly stable – this speaks to an unfulfilled demand.”
to Daily News