RE and economic charts: October Existing Home Sales: 4.43 million SAAR, 10.5 months of supply + Existing Home Inventory increases 8.4% Year-over-Year

Tuesday, November 23, 2010

October Existing Home Sales: 4.43 million SAAR, 10.5 months of supply + Existing Home Inventory increases 8.4% Year-over-Year

[mEDITate-OR:
think that a double dip is swimming with a new lover...
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Said NAR:
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98 million-unit level in October 2009 when sales were surging prior to the initial deadline for the first-time buyer tax credit.
Total housing inventory at the end of October fell 3.4 percent to 3.86 million existing homes available for sale, which represents a 10.5-month supply4 at the current sales pace, down from a 10.6-month supply in September.
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Said Jim@CR:
Months of supply decreased to 10.5 months in October from 10.6 months in September. This is extremely high and suggests prices, as measured by the repeat sales indexes like Case-Shiller and CoreLogic, will continue to decline.
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The 1st graph is unique to CR and shows U.S. exactly how bad this really is, compared to the prior five (5) years. Ugly.
The 2nd chart shows U.S. that while many are taking their home back off the market, the months supply of homes for sale is exceedingly high.
Worse than ugly.
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Existing Home Sales NSA