Orlando Real Estate - Blog

October 30th, 2009 1:03 AM

Median price down 9 per cent from a year earlier

The U.S. Commerce Department said Wednesday that sales fell to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. August's sales had been initially tallied at 429,000.

Economists surveyed by Thomson Reuters had expected a pace of 440,000 sales for September.

It was the first decline since March. The September sales total was off 7.8 per cent from a year ago, although it was up 22 per cent from the market's January bottom.

It is still down more than 70 per cent from the peak of July 2005.

The median sales price of $204,800 US was off 9.1 per cent from $225,200 a year earlier. However, the median price — half of homes sold for more, half for less — was up 2.5 per cent from August's $199,900.

The decline in the number of sales was driven by drops of nearly 11 per cent in the West and 10 per cent in the South. Sales rose 35 per cent in the Midwest and were unchanged in the Northeast, the Commerce Department said.

"Even though today’s report on new home sales disappointed expectations of continued improvement, the level of sales remains well above the trough of 329,000 set in January of this year," RBC economist Josh Heller said.

The year-over-year decline does not alter the bank's view that residential real estate will make a positive contribution to third-quarter economic growth, he said. complete story

Source: NewsRunner.com - CBS News

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