MNI DATA ANALYSIS: US Sept Existing Home Sales +0.7% to 5.39m

By Kevin Kastner, Sara Haire and Holly Stokes

     WASHINGTON (MNI) - Home resales rose by 0.7% in September to an annual rate

of 5.39 million, above expectations for a slight decrease to a 5.30 million

pace, data released by the National Association of Realtors reported Friday

showed.

     August sales were unrevised at a 5.35 million annual rate.

     The hurricane impact could be seen in Florida, where sales were down 22%

from a year earlier according to the NAR, but sales in Houston were actually up

4% from September 2016.

     NAR Chief Economist Lawrence Yun told reporters the greatest impact of the

hurricanes may be on reduced new home construction, as workers are tasked with

rebuilding homes that were destroyed by the storms. 

     The number of housing units available for sale rose 1.6% in September to a

total of 1.90 million houses, keeping the months supply at 4.2 months at the

current sales pace, down from 4.5 months a year ago.

     Sales down 0.9% in the South region, but this was more than offset by a

1.6% rise in the Midwest and 3.3% in the West region. Sales were unchanged in

the Northeast. 

     September's national median price of $245,100 was up 4.2% from a year

earlier. Yun repeated that home prices gains continue to outpace wage growth and

that increase supply of new and existing homes for sale is needed.

     Yun added that NAR is not in favor of the new tax bill being considered by

Congress, noting that it would diminish the home buyer tax credit and mortgage

interest deduction.

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

[TOPICS: MAUDS$,M$U$$$]