Existing Home Sales Increase Due To First-Time Buyers

October 21, 2016

Existing home sales rose 3.2 percent in September, driven in part by first-time buyers, who made 34 percent of sales.

NAHB Eye on Housing reports that September’s total existing home sales increased to a seasonally adjusted rate of 5.47 million units, which includes single-family homes, townhouses, and condos. The rate was 5.3 million units in August.

NAR, which compiled the data, attributed the rise to buyers who wanted to move before the school year began.

September existing sales increased in all four regions, ranging from 5.7% in the Northeast to 0.9% in the South. Sales increased by 5.0% in the West in September, despite a 5.3% decrease in the August PHSI for that region. Year-over-year, September sales increased by 2.3% in the Midwest and 1.6% in the West, while falling 0.9% in the South. The Northeast remained unchanged year-over-year for September.

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