Existing home sales fell 1.7% in September after a strong August when purchases rose 8%, according to new figures compiled by the National Association of Realtors.
“Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery,” said NAR chief economist Lawrence Yun. “Many people are attempting to buy homes that are able to qualify for mortgages, and recent price increases are not deterring buyer interest.”
However, a shortage of properties is limiting sales, particularly in the West, the chief economist said Friday. Sales of homes priced $100,000 or less in the West are down 47% from a year ago while sales of homes priced $500,000 to $750,000 are up nearly 16%.
The median price of an existing single-family home (including condos and cooperatives) rose for the seventh consecutive month. The median sales price in September was $183,900, up 11.3% from a year ago.
The trade group reported that
