Sales of existing homes in September slipped 19.1% from the same month in 2006 to a seasonally adjusted annually adjusted rate of 5.04 million units, according to the National Association of Realtors. The mark was 8.0% under August’s revised pace.
Single family existing home sales in September fell 19.8% from the same month last year to a rate of 4.38 million units annually.
The median existing home price for the month was $211,700, down 4.2% from September, 2006.
“Mortgage problems were peaking back in August when many of the September closings were being negotiated, and that slowed sales notably in higher priced areas that rely more on jumbo loans,” Lawrence Yun, NAR senior economist said. “The good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products. Some of the cancelled transactions will move forward as buyers apply for other loans.”
There was a 10.5 months inventory of existing homes for sale at the end of September, 43.8% higher than the same month in 2006.
According to Freddie Mac, the 30-year, conventional, fixed-rate mortgage fell to 6.38% in September from 6.57% in August; the rate was 6.40% in September 2006.
Single family existing home sales in September fell 19.8% from the same month last year to a rate of 4.38 million units annually.
The median existing home price for the month was $211,700, down 4.2% from September, 2006.
“Mortgage problems were peaking back in August when many of the September closings were being negotiated, and that slowed sales notably in higher priced areas that rely more on jumbo loans,” Lawrence Yun, NAR senior economist said. “The good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products. Some of the cancelled transactions will move forward as buyers apply for other loans.”There was a 10.5 months inventory of existing homes for sale at the end of September, 43.8% higher than the same month in 2006.
According to Freddie Mac, the 30-year, conventional, fixed-rate mortgage fell to 6.38% in September from 6.57% in August; the rate was 6.40% in September 2006.
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