Existing-home sales are predicted to increase this month after an unexpected August drop, according to Auction.com's latest Real Estate Nowcast.
Targeted at 5.4 million, the estimation for annual home sales based on September's predicted showing represents 5.9% growth from last year and a 1.7% increase since August. The rates, which have been seasonally adjusted, should range between 5.23 million and 5.57 million.
In August, the same measure for existing-home sales fell 4.8% to 5.31 million units, according to the National Association of Realtors. Auction.com attributed the drop to short-term factors, including stock market instability, low appetite from buyers in Europe and China, and August job losses in several oil-producing states.
"All the right underpinnings are in place to support continued demand, from improving labor markets and wage growth to a more approachable lending environment," said
