Today’s Wall Street Journal
This is from today's WSJ. Although you need a subscription to read the whole article, you'll notice that the Northeast had the biggest drop in sales compared to the other parts of the country.
Soft Landing?
By TIM ANNETT
THE WALL STREET JOURNAL ONLINE
Snip…
There now appears to be little question that the homes market is slowing down. The National Association of Realtors reported Monday that sales of existing homes fell 2.7% in October to a seasonally adjusted annual rate of 7.09 million. The decline might have been even steeper were it not for residents displaced by Hurricanes Katrina and Rita relocating to nearby cities. Sales surged 83% in Baton Rouge, La., by 32% in Mobile, Ala., and by 14% in Houston. But even amid those eye-popping local numbers, sales in the South were down 1.8%, and weakness was experienced in housing markets nationwide; sales fell 7.4% in the Northeast, 1.9% in the Midwest and 1.2% in the West.
Slower demand meant more homes were left with for-sale signs still planted firmly on the front lawn: the inventory of homes on the market rose to a 4.9 months' supply in October, from September's 4.6 months' supply. Meanwhile, the median sales price rose 16.6% on an annual basis to $218,000. That was the biggest increase since a 17.2% jump in July 1979. "Supply clearly is outstripping demand as homeowners try to take advantage of record high prices in many regional markets," economists at Nomura Securities International wrote in a note to clients.
More (Registration required.)
Soft Landing?
By TIM ANNETT
THE WALL STREET JOURNAL ONLINE
Snip…
There now appears to be little question that the homes market is slowing down. The National Association of Realtors reported Monday that sales of existing homes fell 2.7% in October to a seasonally adjusted annual rate of 7.09 million. The decline might have been even steeper were it not for residents displaced by Hurricanes Katrina and Rita relocating to nearby cities. Sales surged 83% in Baton Rouge, La., by 32% in Mobile, Ala., and by 14% in Houston. But even amid those eye-popping local numbers, sales in the South were down 1.8%, and weakness was experienced in housing markets nationwide; sales fell 7.4% in the Northeast, 1.9% in the Midwest and 1.2% in the West.
Slower demand meant more homes were left with for-sale signs still planted firmly on the front lawn: the inventory of homes on the market rose to a 4.9 months' supply in October, from September's 4.6 months' supply. Meanwhile, the median sales price rose 16.6% on an annual basis to $218,000. That was the biggest increase since a 17.2% jump in July 1979. "Supply clearly is outstripping demand as homeowners try to take advantage of record high prices in many regional markets," economists at Nomura Securities International wrote in a note to clients.
More (Registration required.)
posted by Little_Silvered at 6:07 PM
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