Real Estate Existing Home Sales Numbers Showed A 10% Jump, But Still Logged Third Worst Month In Record Keeping History

Posted By on October 25, 2010

Before anyone gets jazzed about this, the numbers will be revised next month, and percentages don’t tell the real story!

The NAR reported September existing home sales came at 4.53 million units, a 10% jump from the prior downward revised number of 4.12 million, compared to expectations of 4.3 million. Keeping this number in perspective, it is the 3rd worst in history. The September median price for existing homes declined by 2.4% to $171,700 from a year ago. Most notably, 35% of existing sales were distressed sales compared to 34% in August.

The year-over-year geographic breakdown is as follows: there is a staggered distribution, with the biggest drop in sales occuring in the most popular $100-$250K bucket, while the ultra luxury segment of $1MM+ actually increased.

www.zerohedge.com

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