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REPEAT: MNI DATA ANALYSIS: US Sept Existing Home Sales 5.39m

Repeats Story Initially Transmitted at 14:00 GMT Oct 20/10:00 EST Oct 20
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 $245,100 was up 4.2% from a year
earlier. Yun repeated that home prices gains continue to outpace wage growth and
that increase supply of new and existing homes for sale is needed.
     Yun added that NAR is not in favor of the new tax bill being considered by
Congress, noting that it would diminish the home buyer tax credit and mortgage
interest deduction.
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
[TOPICS: M$U$$$]

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