Here Comes Existing Home Sales... - Business Insider

Existing home sales declined to 4.75 million in September right in line with expectations.

This was down 1.5 percent on the month, but up 11 percent from a year ago.

But last month's reading was revised up to 4.83 million and up 8.1 percent.

On a regional basis, existing home sales fell the most in the Northeast, declining 6.3 percent on the month, but up 7.3 percent on the year.

The national median existing-home price was $183,900, up 11.3 percent from a year ago.

"The shrinkage in housing supply is supporting ongoing price growth, a pattern that could accelerate unless home builders robustly ramp up production," according to NAR's chief economist Lawrence Yun.

Original

We're minutes away from the only major U.S. economic data point for the day.

Economists polled by Bloomberg expect existing home sales to decline to ?to an annual unit rate of 4.75 million in September.

Existing home sales were up 7.8 percent in August to the highest level in two years.

SEE ALSO: Why The Fed's Plan To Save The Housing Market Isn't Working Well >

Source: http://www.businessinsider.com/existing-home-sales-september-2012-10

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