MNI DATA ANALYSIS: US Sept Existing Home Sales -3.4% to 5.15M

By Kevin Kastner, Shikha Dave, and Harrison Clarke

     WASHINGTON (MNI) - Home resales fell by 3.4% in September to an annual rate

of 5.15 million, the lowest level since November 2015, and below expectations

for a decline to a 5.27 million pace, data released by the National Association

of Realtors reported Friday showed. 

     "A decade's high mortgage rates are preventing consumers from making quick

decisions on home purchases," NAR Chief Economist Lawrence Yun told reporters.

     --SUPPLY DOWN

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

total of 1.88 million houses, but the months supply rose to 4.4 months at the

current sales pace from 4.3 months in August.

     August sales were revised down to a 5.33 million rate from the originally

reported 5.34 million annual rate.

     "Homes will take a bit longer to sell compared to the super-heated fast

pace seen earlier this year," Yun noted. 

     --REGIONAL DATA SHOWS DECLINES

     Sales were flat in the Midwest region, but declined in the South,

Northeast, and the West regions. Yun noted that the declines in the South showed

a small hurricane effect while sales in the West dipped on affordability issues.

     --PRICES RISE Y/Y

     September's national median price of $258,100 was up 4.2% from a year

earlier, a sign of continued affordability barriers for first time home buyers.

According to Yun, "affordable home listings remain low, continuing to spur

underperforming sales activity across the country."

--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com

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